Sensex up 237 points as new cases of coronavirus drop

Mumbai, Feb 11 (SocialNews.XYZ) The benchmark Sensex on Tuesday added 237 points over reports of Chinese workers returning to factories and a drop in new coronavirus cases.

Barring FMCG stocks, all other sectoral indices edged higher. Strong buying interest was seen in auto and metal stocks. Consequently, GAIL, JSW Steel, NTPC and Maruti Suzuki India were the top Nifty gainers.

The Sensex closed 236.52 points higher at 41,216.14 after a gap-up opening. The benchmark rose up to 41,444.34 earlier in the day. The broader Nifty finished at 12,107.90 higher by 76.40 points.

Although the coronavirus-related deaths have crossed 1,000, more than the SARS epidemic in 2003, Dalal Street is interpreting the drop in new cases as initial signs of normalcy returning in China.

The 2,097 new cases on Monday were down from 2,618 during the previous day.

Vinod Nair of Geojit Financial Services said that a drop in fresh cases of coronavirus came as a breather for markets, but the extended shutdown in China is expected to dent economic growth this quarter.

"We expect the domestic market to stay focused on the last batch of Q3 numbers and CPI inflation for the month of January. As per the consensus, inflation is expected to remain elevated confirming the recent action by the central bank," Nair added.

Going ahead, experts said markets would continue to be volatile as it would closely watch the developments over coronavirus and its economic impact.

Investors would also be cautious ahead of the macroeconomic data-points due to be released during the week including CPI/WPI inflation and IIP data.

Source: IANS