Sensex snaps 4-session slide, soars 429 pts; RIL, HDFC sparkle

Equity indices clawed back lost ground on Wednesday after a four-session falling spree as investors took heart from a decline in new coronavirus cases in China and the Indian government's assurance on tackling the economic impact from the epidemic.

Starting off on a strong footing, the BSE barometer gained strength during the session to touch a high of 41,357.16. The index finally settled at 41,323, clocking a gain of 428.62 points or 1.05 per cent.

Likewise, the NSE gauge Nifty shot up 133.40 points or 1.11 per cent to close at 12,125.90. Market heavyweight Reliance Industries spurted 2.60 per cent, accounting for the majority of the Sensex gains. Other winners included Bajaj Finance, HUL, ONGC and HDFC, rising up to 2.79 per cent.

On the other hand, Sun Pharma, TCS, Bharti Airtel, L&T and IndusInd Bank shed up to 1.33 per cent.

Finance Minister Nirmala Sitharaman on Tuesday met representatives from various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipments, and paints, to review the situation following the outbreak of the deadly virus in China.

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She said the government will soon announce measures to deal with the impact of the coronavirus outbreak on the domestic industry.

"Positive cues were witnessed in the market on hopes that the government is planning to consider some relief measures for the ailing telecom players. On the global front, there is a decrease in new virus cases and close to 80 per cent of the Chinese enterprises are back to work indicating a possible economic recovery," said Vinod Nair, Head of Research at Geojit Financial Services.

Sectorally, BSE energy, healthcare and oil and gas rose as much as 2.37 per cent. All 19 sectoral indices closed in the green on the BSE.

In the broader market, BSE smallcap and midcap indices jumped 1.41 per cent and 1.34 per cent, respectively, outperforming the benchmark. The forex market was closed on account of Chhatrapati Shivaji Maharaj Jayanti.

In Asia, markets closed higher following reports that China saw fewer fresh coronavirus cases. Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since January 29.

Bourses in Europe too were trading higher in opening deals.

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