The benchmark index of the Bombay Stock Exchange (BSE), Sensex has gone up by 780 points to reach at 40,628 with Banking, FMCG, oil and metal indices gaining 1-2 per cent each.
The broader benchmark index of the National Stock Exchange (NSE), Nifty has gained 228 points at 11,935. The gains majorly are due to the return of stability on the Asian Street and slide in crude oil prices.
The Chinese markets eked out gains of half a per cent on hopes that share prices would quickly regain lost ground after the virus gets contained within manageable limits. Oil also hit 13-month lows; brent crude settled down $2.17, or 3.8 per cent at $54.45 a barrel, as the outbreak of coronavirus curtailed Chinese demand and sparked concerns of potential supply cuts by OPEC.
Back home, the markets would be factoring the monetary policy review, which is due to be announced on Thursday. The general view among analysts is that the central bank would maintain a status quo on the repo-rate front, on February 6, due to the continuing inflationary pressures.
On the results front, Bharti Airtel, Tata Global Beverages, Thermax, Titan Company, JSW Energy and Punjab National Bank will be releasing their Q3 earnings during the course of the day.
On the stock-specific front, index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, Tata Steel, ITC and Hero Motocorp gallopped by more than 3 per cent on the BSE.
On the other hand, Bharti Airtel had edged lower by 0.4 per cent to Rs 508 ahead of its Q3 numbers. Bajaj Auto and Hindustan Unilever were also trading in the negative.