Equity indices volatile amid losses in global markets, Yes Bank gains by 30 pc

Equity indices reversed early losses on Tuesday morning after shares in Wall Street plunged to their biggest day drop in more than three decades overnight.

Investors said the Reserve Bank of India’s (RBI’s) assurance on liquidity front, fall in crude oil prices and reports on coronavirus will remain major triggers for the session.

At 10:15 am, the BSE S&P Sensex was up by 435 points or 1.39 per cent to 31,825 while the Nifty 50 edged higher by 145 points or 1.57 per cent to 9,342.

Most sectoral indices at the National Stock Exchange were in the green with Nifty pharma up by 3.1 per cent, metal by 2.3 per cent, FMCG and auto by 1.5 per cent each and PSU bank by 1.1 per cent.

Among stocks, Yes Bank surged ahead by 30.32 per cent to Rs 48.35 per share a day after RBI Governor Shaktikanta Das said the moratorium on private sector lender will be lifted on Wednesday evening and that the depositors’ money is absolutely safe.

Sun Pharma gained by 5.3 per cent, Adani Ports by 4.8 per cent and Bharat Petroleum Corporation by 4.6 per cent. Metal majors Tata Steel and Vedanta were up by 4.9 per cent and 4.4 per cent respectively.

The other prominent winners were HCL Technologies, Coal India, Eicher Motors and ONGC. But UPL, Bharti Infratel, Bajaj Finserv and Kotak Mahindra Bank were in the red.

Meanwhile, most Asian shares fell a day after Wall Street’s historic market rout. MSCI’s broadest index of Asia Pacific shares outside Japan gave up early gains to trade 0.43 per cent lower.

Japan’s Nikkei slid by 2.79 per cent and South Korea’s Kospi was off 3.2 per cent.

Wall Street suffered its biggest drop since the crash of 1987 on Monday after unprecedented steps taken by the Federal Reserve, lawmakers and the White House to slow the spread and blunt the economic hit of the coronavirus failed to restore order to markets.

The Dow Jones Industrial Average fell 2,997 points or 12.93 per cent to 20,189, the S&P 500 lost 325 points or 11.98 per cent to 2,386 while the Nasdaq Composite dropped 970 points or 12.32 per cent to 6,905.

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