MSCI's broadest index of Asia Pacific shares outside Japan fluctuated between gains and losses while Japan's Nikkei slumped by 3.2 per cent.

Among stocks, Tata Consultancy Services ticked up by 11.5 per cent to Rs 1,825 per share while Wipro witnessed a spurt of 11.3 per cent and HCL Technologies rose by 10.4 per cent. Tech Mahindra and Infosys too moved up by 9.3 per cent and 9 per cent respectively.

Sectoral indices at the National Stock Exchange were mixed with Nifty realty down by 4 per cent, private bank by 3.9 per cent and financial service by 3.5 per cent. But Nifty FMCG gained by 3.2 per cent and pharma by 2.4 per cent.

Meanwhile, global stock markets were roiled after the Federal Reserve slashed interest rates in an emergency move to cushioning the economic impact of coronavirus.

On Wednesday, the World Health Organisation (WHO) declared coronavirus a global pandemic and US President Donald Trump announced a 30-day ban on travel from Europe to the United States over COVID-19.

On the international front, the US Federal Reserve announced an emergency rate cut on Tuesday of half a percentage point in response to the growing economic threat from novel coronavirus.

Among stocks, Vedanta gained by 1.9 per cent at Rs 143.50 per share while Tata Steel moved up by 1.7 per cent, and JSW Steel by 1.3 per cent.

MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.3 per cent while Japan's Nikkei stock index rose by 1.19 per cent. Shares in China rose by 0.5 per cent while stocks in Hong Kong climbed by 0.42 per cent in early trading.

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Tata Motors lost by 3.6 per cent while HCL Technologies slipped by over 1 per cent. Tech Mahindra and Coal India were also in the red.