Markets snap 7 day losing streak, Sensex adds 480 pts

Mumbai, March 3 (SocialNews.XYZ) Sensex snapped its longest losing streak this year, adding 480 points on Tuesday after major central banks across the globe indicated that they will ease lending rates in response to the coronavirus outbreak.

In a bid to calm the Indian financial markets, the Reserve Bank of India on Tuesday afternoon said that it is ready to take "appropriate actions" to ensure the orderly functioning of financial markets.

In a statement, the apex bank said: "The Reserve Bank of India is monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure the orderly functioning of financial markets, maintain market confidence and preserve financial stability."

Central banks across the world -- most notably the US Federal Reserve -- have indicated that they will take policy actions to counter the detrimental impact of the coronavirus outbreak on businesses and trade.

The Sensex closed at 38,623.70, higher by 479.68 points or 1.26 percent while the Nifty settled at 11,303.30, higher by 170.55 or 1.53 per cent.

Siddhartha Khemka of Motilal Oswal Financial Services observed that there was all round participation in the market with both Nifty Midcap 100 and Nifty Smallcap 100 up 2 per cent and 1.5 per cent respectively.

"All the sectors ended in green with metals and pharma being the biggest gainers with gains of more than 5 per cent. The fall was arrested today after the RBI said that it is closely monitoring global as well as domestic situations and is ready to take necessary action to ensure the orderly functioning of financial markets," he added.

Source: IANS