Sensex bounces back over 600 points in volatile trade, Nifty over 7,700

Mumbai: Indian equity markets regained lost foothold on Tuesday after markets gave up gains in early trade due to volatility over the novel coronavirus pandemic.

BSE Sensex was up 634.04 or 2.44 per cent at 26,615.28 while NSE Nifty was trading 153 points or 2.01 per cent higher at 7,763.25.

Equity benchmark Sensex recovered over 1,400 points in opening session tracking gains in Asian peers after US Federal Reserve announced limitless bond-buying programme to support the US economy.

Investor sentiment in Asia improved in anticipation of a revival in demand from the economic giant, traders said.

After rallying 1,481.63 points, the BSE barometer gave up some gains to trade 443.27 points or 1.71 per cent higher at 26,424.51.

Similarly, the NSE Nifty was trading 165.55 points, or 2.18 per cent, up at 7,775.80.

Top losers in the Sensex pack included IndusInd Bank, Titan, L&T, Tata Steel, Asian Paint and ICICI Bank, while HCL Tech, HUL, Infosys and Tech Mahindra were the gainers.

The Federal Reserve announced it will buy unlimited amounts of US Treasury debt essentially printing money for the economy as well as new steps to lend directly to small- and medium-sized companies that have been among the hardest-hit as economic activity dries up.

The total number of Covid-19 cases in India stood at 492 on Tuesday morning, as per health ministry log.