India’s Sensex Gains as Policy Makers Pledge to Support Economy

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(Bloomberg) — Indian stocks rose, in line with peers in Asia, on expectations global policy responses to the virus outbreak will cushion the effect of disruptions on economies.

The S&P Index climbed 0.2% to 38,477.92 as of 10:04 a.m. in Mumbai. The NSE Nifty 50 Index rose 0.1%.

India’s central bank joined global policy makers in saying it had options to support the nation’s economy through the public-health crisis. The nation’s infections jumped to 28, prompting a step up of surveillance and testing measures.

Strategist View

“There is short covering after gains in the U.S market, but the market will continue to see volatility till there is a better control on the spread of the coronavirus,” said Sudip Bandyopadhyay, chairman at Mumbai-headquartered Inditrade Capital Ltd. “The declines were also kind of due given the slowdown in the economy and weak corporate performance.”

The Numbers

  • Seventeen of 19 sector indexes compiled by BSE Ltd. rose, led by a gauge of metal companies
  • Hindustan Unilever (LON:) Ltd.’s 3.1% gain was the biggest in the Sensex and provided its biggest boost

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