Nifty, Sensex close higher as Bank of England rate cut boosts stimulus hopes

By Reuters

  • 11 Mar 2020
Credit: Reuters

Indian shares ended higher on Wednesday, with gains in energy majors offsetting weakness in IT and financial stocks, after a Bank of England interest rate cut raised hopes of more global stimulus moves to limit the impact of the coronavirus.

The NSE Nifty 50 index closed 0.07% higher at 10,458.4, while the benchmark S&P BSE Sensex was up 0.18% at 35,697.4.

European shares rose for the first time in five sessions as the Bank of England made an emergency half-point cut to interest rates and launched a package of other measures to combat a coronavirus-driven economic slowdown.

Oil-to-telecom conglomerate Reliance Industries Ltd provided the biggest boost, closing 3.5% higher in its best day since mid-September. The stock lost 12.3% on Monday amid a crash in oil prices. Indian markets were closed on Tuesday for a holiday.

Information technology firm Infosys Ltd was the biggest laggard on the Nifty 50, slipping 2.6% to its lowest close since October 31, while top lender State Bank of India dropped 3.3% to a May 2018-low.

Gas marketing firm GAIL India Ltd slid 9.9% and was the biggest loser.