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Sensex adds 350 points amid firm global cues
Mumbai, February 12, 2020
Signs of slowing coronavirus spread and the Federal Reserve chairman's optimistic view on US economy lifted that global markets on Wednesday. The Sensex added 350 points while the broader Nifty finished above the 12,200 mark.
Hindustan Unilever was the top gainer, rising over 5 per cent. Other top gainers included Kotak Mahindra Bank, Nestle India, ICICI Bank and Reliance Industries. Sectorally it was mixed with FMCG being the biggest gainer while PSU banks were the biggest loser.
"With fears abating with regards to coronavirus spread and the Fed chairman's optimistic view on the economy, the global sentiments have got uplifted," said Siddhartha Khemka of Motilal Oswal Financial Services
The Sensex closed at 349.76 points higher at 41,565.90. It opened at 41,330.85, and touched an intra-day high of 41,671.86 and a low of 41,330.85. The broader Nifty ended at 12,201.20 up 93.30 points.
Indusind Bank fell 1 per cent after rating agency Moody's changed its outlook to "negative" on the lender.
Vinod Nair of Geojit Financial Services said: "Investors' appetite for risk improved as coronavirus concerns receded for the second day in a row. The impact of coronavirus has already affected the supply chains and factory activities across the globe, but the ground reality is improving in China and we can expect an improvement in the next quarter".