Sensex stages 1,325 points recovery to close at 34,103; Nifty settles above 10,000

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NEW DELHI: Equity indices on Friday staged sharp recovery with the benchmark BSE sensex rising over 1,300 points as major global markets were lifted by hopes that a US stimulus package could help limit the economic damage from the coronavirus outbreak.
The 30-share BSE index rose 1,325 points or 4.04 per cent to close at 34,103. While, the broader NSE Nifty surged 433 points or 4.52 per cent to finish at 10,024.
Top gainers in the sensex pack include SBI, Tata Steel, HDFC, Sun Pharma, Bajaj Finance, Bharti Airtel, ICICI Bank and ONGC with their stocks rising as much as 13.87 per cent. 26 out of 30 stocks finished in green.
Nestle India, Asian Paints, Hindustan Unilever and HCL Tech were the only losers, falling up to 4.12 per cent.
Both sensex and Nifty plunged over 10 per cent in opening session, hitting their lower circuit levels, as new coronavirus-led recession fears triggered panic selling in the market.
Stock exchanges had halted trading for 45 minutes within 15 minutes of market opening. Normal trading resumed around 1030 hours.
According to market participants, volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a manic selloff.
Mild recovery was seen in other Asian bourses too with Shanghai down 1.23 per cent, Hong Kong 2.60 per cent, Seoul 6.08 per cent and Tokyo 3.43 per cent.
“Global stocks have recovered, this is helping our markets. The 45-min breather gave people time to think and value buying emerged,” Siddhartha Khemka, head of retail research at Motilal Oswal Securities told news agency Reuters.
The rupee too witnessed a sharp recovery, appreciating 36 paise at 73.92 per US dollar (intra-day).
Over the last few days, the stock market has been moving in tandem with other global markets owing to concerns relating to coronavirus pandemic, resultant fear of economic slowdown and fall in international crude prices.
Meanwhile, the Securities and Exchange Board of India (Sebi) has said that the regulator and stock exchanges are prepared to “take any action” as required to deal with market volatility.



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