The S&P BSE Sensex and NSE Nifty 50 indexes snapped their four-day losing streak on Wednesday led by gains in Reliance Industries, HDFC, HDFC Bank, Hindustan Unilever and Bajaj Finance. Investor sentiment was boosted after the Finance Minister Nirmala Sitharaman on Tuesday said that the government would announce measures to tackle the financial fallout from the coronavirus outbreak amid a fall in new cases in China. The Sensex surged over 450 points and Nifty 50 index reclaimed its important psychological level of 12,100 in late afternoon. Finally, the Sensex closed 429 points or 1 per cent higher at 41,323 and the Nifty 50 index climbed 138 points or 1.1 per cent to settle at 12,130.
Ms Sitharaman met more than 200 business leaders on Tuesday to assess the impact of the coronavirus and said the government would unveil measures to help businesses. However, she did not elaborate on measures the government would take to limit the impact.
All the 19 sector gauges compiled by BSE ended higher led by the S&P BSE Energy index's over 2 per cent gain. S&P BSE Realty, Power, Oil & Gas, Consumer Durables, Utilities, Telecom and Basic Materials indexes also rose between 1-2 per cent each.
Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap and S&P BSE SmallCap indexes rose over a per cent each.
Bharti Infratel was top gainer in the Nifty 50 basket of shares, the stock rose 7.2 per cent to close at Rs 225. Grasim Industries, Coal India, Zee Entertainment, HDFC, Cipla, Hindustan Unilever, Bajaj Finance and Reliance Industries also rose between 2.5-4.6 per cent each.
On the flipside, Tata Motors, JSW Steel, Sun Pharma, TCS, Bharti Airtel and Larsen & Toubro were among the laggards.
The overall market breadth was as 1,509 shares closed higher while 997 ended lower on the BSE.
(With inputs from Reuters)