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Indian stock markets cheer for China’s revival, end in green

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Indian shares edged up on Tuesday, tracking Asian peers, after upbeat factory data from China gave investors hope of a rebound in activity, despite a spike in coronavirus cases back home.

Sensex rose 1028 points or 3.6 per cent to close at 29,468.49. Nifty ended 316.65 points or 3.8 per cent higher at 8,598.

Among sectoral indices, BSE Oil and Gas—up 8.2 per cent—was the biggest gainer followed by BSE Energy, up 7.8 per cent. BSE Metal and BSE FMCG were up over 5 per cent each.

The market capitalisation of BSE listed companies jumped to ₹113 lakh crore from ₹109 lakh crore on Monday.

Oil and gas stocks rallied after crude oil prices hit 18-year low. Shares of HPCL, BPCL surged 12-13 per cent. IOC, IGL, ONGC, and GAIL we up 6-8 per cent.

Of the 30 Sensex shares, 25 closed in the green.

However, the benchmark equity indices were set for their worst yearly performance since 2009, battered by sluggish economic growth and the fallout from the coronavirus pandemic.

Analysts say that volatility cannot be ruled out in the near term as investors assess the rising coronavirus cases against the policy measures announced to curb the outbreak.

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