Sensex Surges 7O0 Points As Global Markets Rebound

Asian markets climbed for the first time in many days, as central banks across the globe, promised to lend a helping hand, should the spread of the coronavirus lead to a global slowdown.

Japanese markets recovered after the Bank of Japan decided to take steps to stabilize the markets. The US Federal Reserve has hinted that it was open to easing, which pushed the US Dow Futures Higher.

Most of the Asian markets were trading with gains, with the Japanese Nikkei up more than 1.75 per cent, while the Shanghai Composite was up nearly 3 per cent in trade.

The Sensex was up 700 points, surging past the 39,000 points mark, while the Nifty was up 225 points in trade.

Metal stocks which had come crashing down in trade on Friday, were the biggest gainers. Vedanta, Tata Steel and JSW Steel were amongst the top gainers in trade.

Shares in Coal India gained ground, after reports that February production was up 14.2% at 66.26 metric tonnes versus 58.05 metric tonnes, year-on-year.

Despite a buoyant market, shares in Mahindra and Mahindra were trading lower, as the February total auto sales of the company were down 42% at 32,476 units against 56,005 units, YoY.

ONGC was trading higher, after reports that the company would consider dividend on March 6.