Sensex, Nifty end higher as coronavirus fears abate

Ritu

By Ritu,

Capital Sands

Indian shares ended higher on Wednesday, as a slowdown in the number of coronavirus cases and the U.S. Federal Reserve chairman’s optimistic view on the economy whetted investor appetite for riskier assets.

The broader Nifty ended up 0.77% at 12,201.20 and the benchmark Sensex ended 0.85% higher at 41,565.90.

China reported its lowest number of new coronavirus cases since late January, supporting its senior medical adviser’s prediction that the outbreak might be over by April.

Meanwhile, Federal Reserve Chair Jerome Powell on Tuesday said the U.S economy is in a good place, leading to a rise in bond yields and lifting sentiment globally.

In the domestic market, consumer goods giant Hindustan Unilever surged over 5% to a record close of 2260.35 rupees and boosted the Nifty FMCG index, up 1.88%.

Financial stocks were also among top contributors to gains for the day, with the Nifty financials index gaining 0.66%.

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