Equity Indices Up In Line With Asian Peers, Metal And Pharma Stocks Gain
The BSE S&P Sensex was up by 485 points or 1.27 per cent to 38,629 while the Nifty 50 edged higher by 159 points or 1.43 per cent at 11,292.
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Equity benchmark indices were in the green during early hours on Tuesday as investors hoped that central banks will take action to combat the economic impact of coronavirus outbreak.
At 10:15 am, the BSE S&P Sensex was up by 485 points or 1.27 per cent to 38,629 while the Nifty 50 edged higher by 159 points or 1.43 per cent at 11,292. All sectoral indices at the National Stock Exchange were in the green with Nifty metal gaining by 3.28 per cent, pharma by 2.73 per cent, realty by 2.15 per cent and IT by 1.45 per cent.
Among stocks, Vedanta added gains of 5.2 per cent at Rs 116.80 per share while JSW Steel was up by 4.5 per cent, Tata Steel by 3.1 per cent and Hindalco by 2.5 per cent.
The other prominent gainers were Sun Pharma, Eicher Motors, Hero MotoCorp, Yes Bank and HCL Technologies.
Meanwhile, most Asian markets gained amid overnight surge on Wall Street and hopes central banks will potentially take action to combat the economic impact of coronavirus outbreak.
Further, the Reserve Bank of Australia announced 25 basis points interest rate cut. Reports said there will be a conference call between global finance ministers and central bankers to coordinate the financial and economic response to the coronavirus.
The Shanghai Composite was up about 1.5 per cent, Hong Kong's Hang Seng index added 0.68 per cent and South Korea's Kospi was up 1.9 per cent. However, the Nikkei 225 in Japan was flat.
Overnight, the Dow Jones Industrial Average soared 1,294 points higher to close at 26,703 while the Nasdaq Composite surged 4.5 per cent to close at 8,952.