February 11, 2020 / 4:48 AM / 18 days ago

Nifty, Sensex end higher as fewer new coronavirus cases bring global cheer

The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - Indian shares snapped two days of losses to end higher on Tuesday, as world stocks touched record highs after China’s top medical adviser said the coronavirus epidemic may plateau in the next few weeks.

The broader NSE Nifty 50 index finished up 0.63% to 12,107.90, while the benchmark S&P BSE Sensex ended 0.58% higher at 41216.14.

While the death toll from the virus in mainland China climbed past 1,000 on Tuesday, the number of new confirmed cases fell, bringing cheer to global investors.

Chinese factories too slowly opened for business following an extended Lunar New Year break, signalling that the world’s second-largest economy could soon be back on the path to growth.

In the domestic market, beaten down metal stocks were among the top gainers. The Nifty metals index closed up 0.87% as a slowdown in new coronavirus cases helped prices of base metals advance.

GAIL India advanced the most on the Nifty, rising about 6%, while Yes Bank was the biggest laggard, falling 1.86%.

Reporting by Derek Francis in Bengaluru

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