Market Benchmark index Sensex felly down by 108 points in the opening session on Wednesday after the Federal Reserve cut down on the interest rates after the closing session on Monday. Stocks on NSE slumped by 29 points at 11,274.30 on Wednesday during the opening session.
Top gainers in the opening session were Bajaj Auto, Asian Paint, TechM, INFY, HCLTech, Titan, Bharti Airtel, TCS, HDFC, M&M, Axis Bank, Nestle India.
Hero Motors, ITC, Bajaj Finance, SBI, Reliance, L&T, Kotak Bank, ICICI, ONGC, however, were in red on BSE.
At 9 am, in the pre-opening session, the BSE Sensex rallied 158.39 points (+0.41%) on Wednesday after gains in global stocks as RBI assures intervention considering the impact of coronavirus in the markets.
After experiencing the worst week after the 2008 financial crisis, the markets tanked by 1500 points last week. However, the markets started off well rallying over 500 points this week. Now, after the Federal Reserve cut down the interest rates by 50 basis points amid the coronavirus outbreak that has hit over 60 countries.
Snapping its seven-day falling streak, BSE Sensex rallied 480 points on Tuesday in line with gains in global stocks after central banks assured of policy measures to mitigate the economic impact of coronavirus outbreak.
After a highly volatile session, the 30-share benchmark index surged 479.68 points or 1.26 per cent to end at 38,623.70 with 28 of its constituents ending in green.
The broader NSE Nifty jumped 170.55 points or 1.53 per cent to close at 11,303.30 led by gains in metal and pharma stocks.
Among Sensex stocks, Sun Pharma rose the most by 6.64 per cent amid export restrictions imposed by the government on 26 pharma ingredients and medicines to boost local supplies.
Tata Steel, ONGC, UltraTech Cement, NTPC, PowerGrid, Reliance, Kotak Bank and HCL Tech were among the major gainers.
On the other hand, ITC and HDFC Bank ended in the red.
Following the Federal Reserve's decision to cut down the interest rates, Reserve Bank of India (RBI) said it was ready to take necessary action to ensure orderly functioning of financial markets which saw the domestic market sentiment get a boost.