Sensex jumps nearly 300 pts; Nifty tests 11,300

Equity benchmark Sensex jumped nearly 300 points in opening session on Thursday tracking positive cues from global equities as central banks across the global prepare to combat the economic pressure of the coronavirus outbreak.

After surging 299 points in early trade, the 30-share index was up 191.75 points, or 0.50 per cent, at 38,601.23, and the NSE Nifty rose 49.25 points, or 0.44 per cent, to 11,300.25.

HUL, HCL Tech, Tata Steel, Nestle India, TCS and Asian Paints were among the top gainers, while ICICI Bank, L&T, PowerGrids, NTPC and Reliance Industries were trading in the red.

In the previous session, the 30-share BSE barometer settled 214.22 points or 0.55 per cent lower at 38,409.48, and the Nifty closed 52.30 points or 0.46 per cent down at 11,251.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 878.38 crore, while domestic institutional investors bought shares worth Rs 764.13 crore on Wednesday, data available with stock exchanges showed.

According to traders, investors were hopeful that the collective efforts of global governments and central banks would cushion the economic fallout of coronavirus.

The IMF on Wednesday said will make available about USD 50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support on account of coronavirus.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo rallied up to 1 per cent.

Stock exchanges in the US too ended sharply higher on Wednesday.

The rupee depreciated marginally to 73.45 against the US dollar in morning session.

Global oil benchmark Brent crude futures jumped 1.37 per cent to USD 51.83 per barrel.