Sensex up 700 points, Nifty at 11,424.30; Bharti Infratel, ICICI Bank, JSW Steel major gainers

Image courtesy: Reuters

Indian indices began with a strong start on Monday (March 2). The Sensex is up 752.84 points or 1.97% at 39,050.13, while the broader Nifty also commenced up 222.50 points or 1.99% at 11,424.30. Major gainers on the indices include Bharti Infratel, ICICI Bank, JSW Steel, Vedanta, IOC, NTPC, and  Hindalco. Notably, all the sectoral indices are trading in the green. 

Meanwhile, Asian markets rose today as bargain-buyers moved in following last week's global rout, but investors continue to fret over the economic fallout from the new coronavirus as the worldwide death toll rises.

After equities suffered their worst week since the financial crisis more than a decade ago, central banks began to flag support measures, with Federal Reserve boss Jerome Powell hinting at a fresh interest rate cut at the bank's next meeting.

Shanghai led gainers, rising more than two percent after dropping more than five percent last week, while Hong Kong was up 0.7 percent after a loss of around four per cent. The gains came despite an index of Chinese manufacturing activity falling to its lowest level on record in February as factories around the country were shuttered.

Tokyo was up more than one percent at lunch, while Seoul added a similar amount with Jakarta 0.5 per cent higher, Bangkok climbing one percent and Singapore up 0.3 per cent.

However, Sydney fell 0.9 per cent after Australia recorded its first death from the virus, while Wellington gave up two per cent. There were also losses in Taipei and Manila.

Monday's bounce in major markets also saw a rally in oil prices, which suffered a pummelling last week. Both main contracts rose more than two percent in early trade, though they have lost around a quarter of their value since the start of the year with investors spooked by falling demand in key consumer China.

On Friday, the Sensex logged its second-biggest one-day fall in history as concerns over the rapidly-spreading coronavirus triggered a manic global sell-off. World markets sank deeper into the red, posting their worst week since the 2008 financial crisis, on fears that the virus outbreak could tip the global economy into a recession.

Continuing its downward spiral, the 30-share BSE Sensex had ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29, while the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

The carnage in the equity markets wiped out investor wealth worth Rs 5,45,452.52 crore, with the total market capitalisation of BSE-listed companies standing at Rs 1,46,94,571.56 crore.

The m-cap of BSE-listed companies was at Rs 1,52,40,024.08 crore at the end of trading on Thursday. During the week, Sensex plunged 2,872.83 points or 6.97 per cent, and the Nifty tumbled 879.10 or 7.27 per cent.

(With Agency Inputs)