Indices rebound as government assures industry on coronavirus scare

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.

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.

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.

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.