March 3, 2020 / 10:42 AM / a month ago

Indian shares snap 7-day losing streak on hopes of global policy easing amid virus spread

BENGALURU, March 3 (Reuters) - Indian shares ended higher on Tuesday, snapping their longest losing streak since last May, lifted by hopes of policy easing by major central banks of the world to address the economic fallout from the spreading coronavirus.

The NSE Nifty 50 index closed 1.53% higher at 11,303.30, while the benchmark S&P BSE Sensex gained 1.4% at 38,665.

Finance ministers from the G7 and central bank governors will hold a conference call on Tuesday (1200 GMT) to discuss measures to deal with the outbreak.

Meanwhile, India’s central bank said on Tuesday it was closely monitoring global and domestic developments in financial markets and was ready to take appropriate actions to ensure functioning of financial markets, maintain market confidence and preserve financial stability.

Tuesday’s gains in Indian equities were driven by heavyweight financials and energy stocks.

Conglomerate Reliance Industries Ltd ended up 2.03%, while private-sector lender ICICI Bank Ltd climbed 1.7%, and were the top boost for the Nifty 50 index.

Miner Vedanta Ltd jumped 7.75%, reported its best day since Sept. 20 and was the top gainer in the Nifty 50 index. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Shinjini Ganguli)

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