Domestic stock markets surged around 9 per cent on Tuesday tracking a rally in global peers on signs of a slowdown in coronavirus-related deaths around the world. The S&P BSE Sensex index rose as much as 2,566.7 points to touch 30,157.65 at the strongest level of the session in late afternoon deals, and the broader NSE Nifty benchmark climbed to as high as 8,819.40, up 735.6 points from the previous close. Gains across sectors – led by banking, IT, auto and pharma shares – pushed the markets higher.
The Sensex ended 2,476.26 points – or 8.97 per cent – higher at 30,067.21 and the Nifty settled at 8,785.90, up 702.10 points – or 8.69 per cent – from the previous close.
Equities elsewhere in Asia moved higher in an attempt at another day of gains, encouraged by the slowing death toll from the virus across major European nations, including France and Italy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose almost 1 per cent. Japan’s Nikkei futures opened lower but were 2.3 per cent above the cash close.
On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 per cent of economic output, as his government vowed to take “all steps” to battle deepening fallout from the coronavirus.
The European indices, including the CAC, FTSE and DAX, opened higher between 2 per cent and 4 per cent each.