Sensex gains 428 points, gold above Rs 42,000 per 10gm

The BSE sensex settled at 41,323, clocking a gain of 428.62 points. Likewise, the NSE gauge Nifty shot up 133 points. Gold prices also jumped Rs 462 to Rs 42,339 per 10 grams.

Mumbai:Benchmark Sensex rebounded over 428 points on Wednesday, snapping four days of losses, as investors took heart from a decline in new coronavirus cases in China and the Indian government's assurance on tackling the economic impact from the virus epidemic.

Gold prices also jumped Rs 462 to Rs 42,339 per 10 grams in the national capital on positive global cues, according to HDFC Securities.

Starting off on a strong footing, the BSE barometer gained strength during the session to touch a high of 41,357.16.

The index finally settled at 41,323, clocking a gain of 428.62 points or 1.05 per cent. Likewise, the NSE gauge Nifty shot up 133.40 points or 1.11 per cent to close at 12,125.90.

Top gainers and losers

On the Sensex chart, Bajaj Finance, HUL, RIL, ONGC and HDFC emerged as the top gainers.

Among the major losers were Sun Pharma, TCS, Bharti Airtel, L&T and IndusInd Bank.

Finance Minister Nirmala Sitharaman on Tuesday met representatives from various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipments, and paints, to review the situation following the outbreak of the deadly virus in China.

She said the government will soon announce measures to deal with the impact of the coronavirus outbreak on the domestic industry.

Global Market

In Asia, markets closed higher following reports that China saw fewer fresh coronavirus cases.

Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since January 29.

Gold prices

Gold prices jumped Rs 462 to Rs 42,339 per 10 grams in the national capital. Silver prices also surged Rs 1,047 to Rs 48,652 per kg, from Rs 47,605 per kg on Tuesday.

The yellow metal had closed at Rs 41,877 per 10 grams in the previous trading session.

"Spot gold of 24 karat in Delhi crossed the Rs 42,000 mark, gaining Rs 462 with strong international prices. The strong demand from wedding season and rally in global gold prices pushed spot prices higher for the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Besides, gold also witnessed safe-haven buying after Apple Inc warned of missing its revenue forecast in the March 2020 quarter due to the coronavirus outbreak, Patel said.

In the international market, both gold and silver were trading higher at USD 1,606.60 per ounce and USD 18.32 per ounce, respectively.

(PTI Report)