(Bloomberg) -- India’s stock benchmark rose, set to rebound from its lowest close in more than two weeks, as investors assessed the extent that the coronavirus outbreak may affect the economic outlook.
The S&P BSE Sensex Index climbed for the first day in five, adding 0.7% to 41,196.16 as of 9:35 a.m. in Mumbai. The NSE Nifty 50 Index advanced by the same magnitude. Trading may be lighter than usual today as India’s bond and foreign exchange markets are closed for a bank holiday.
India’s government plans to hold talks with business groups to assess the potential economic impact of coronavirus-triggered disruptions caused by factory shutdowns in China. Meanwhile, the central bank is injecting funds into the financial system in an effort to boost loan growth in an economy set for its weakest expansion in 11 years.
Strategist View
The rebound is from “value-buying” after a coronavirus-induced sell-off yesterday, said Umesh Mehta, head of research at Mumbai-based Samco Securities Ltd. “People are assessing the economic situation after the initial sell-off.”
The Numbers
- All 19 sector indexes compiled by BSE Ltd. advanced, led by a gauge of health care shares.
- NTPC Ltd.’s 2.2% gain was the biggest among Sensex stocks, of which all but one rose
- India’s Nifty 50 to Exclude Yes Bank; to Include Shree Cement
- Reliance, Aramco (SE:2222) Said to Speed Up Refinery Stake Sale Talks
- Trump Raises Doubts Over India Trade Deal Ahead of Visit
- Jaguar Land Rover Unsure It’ll Recoup China Sales Lost to Virus
- Kotak Gets Final Approval From RBI on Founders’ Stake Dilution