Market Wrap: Sensex Rebounds 480 Points, Nifty Above 11,300

Breaking the seven-day falling streak, equity benchmark Sensex surged 479.68 points or 1.26 per cent to end at 38,623.70 with 28 of its constituents ending in green. The broader NSE Nifty jumped 170.55 points or 1.53 per cent to close at 11,303.30. Top gainers in the Sensex pack included Sun Pharma, Tata Steel, ONGC, UltraTech Cement, NTPC and PowerGrid.

On the other hand, ITC and HDFC Bank ended in the red. Domestic market sentiment got a was boost after the Reserve Bank of India (RBI) said it was closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus and ready to take necessary action to ensure orderly functioning of financial markets.

In the previous session, the 30-share BSE barometer closed 153.27 points or 0.40 per cent lower at 38,144.02, and the broader Nifty closed lower by 69 points or 0.62 per cent at 11,132.75. Global stocks also rallied on hopes of stimulus from policy makers to lessen the impact of coronavirus on their economies ahead of the talks between G7 finance ministers and central bank heads.

“Globally, financial markets have been experiencing considerable volatility, with the spread of the coronavirus triggering risk-off sentiments and flights to safe haven,” the RBI said in a statement.

Bourses in Shanghai and Seoul ended on a positive note while Hong Kong and Tokyo settled with losses. Stock exchanges in Europe opened up to 2 per cent higher. Brent crude oil futures rose 2.93 per cent to USD 53.42 per barrel. On the currency front, the Indian rupee depreciated 40 paise to 73.16 per US dollar (intra-day).

Bullion Market Closing: Gold Rises Marginally By Rs 6, Silver Falls Rs 58

Gold prices on Tuesday rose marginally by Rs 6 to Rs 42,958 per 10 gram, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 42,952 per 10 gram. Silver prices, however, fell by Rs 58 to Rs 46,213 per kg from Rs 46,271 per kg on Monday. “Spot gold for 24 karat in Delhi traded up by Rs 6 with continuous rupee deprecation.

The spot rupee was trading around 24 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In the international market, gold was trading higher at USD 1,595 per ounce and silver at USD 16.76 per ounce.

“Gold prices traded up on growing expectations of rate cut from US Fed and monetary policy easing from major central banks,” Patel added.

(With inputs from PTI)