Sensex up 400 points as new cases of coronavirus drop

MUMBAI:

The benchmark Sensex on Tuesday added 400 points during the early trade over reports of Chinese workers returning to factories and a drop in new Coronavirus cases.

Although the Coronavirus related deaths have crossed 1000, 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.

At 11.19 the Sensex was up 353 points to 41,333.43 while the Nifty jumped 112 points to trade at 12,143.80.

Buying was seen across all sectors led by metal and auto stocks which surged over 1 per cent each. GAIL, JSW Steel and Hindalco were the top gainers on the NSE.

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.