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

Among stocks, Mahindra & Mahindra rose by 1.2 per cent to Rs 536.75 per share while Power Grid Corporation moved up by 1.1 per cent and ITC by 1 per cent. Kotak Mahindra Bank, HDFC Bank and IndusInd Bank were up by 1 per cent, 0.8 per cent and 0.7 per cent respectively.

Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece. Index heavyweight Reliance Industries slipped by 2.2 per cent.

Auto stocks were hit across the board with Tata Motors losing by 3.8 per cent, Maruti by 3 per cent and Eicher Motors by 2.3 per cent. Among the other prominent losers were JSW Steel, Zee Entertainment, GAIL, Bharti Airtel and UPL.

The 30-pack index eventually settled the day 793 points, or 2.16 per cent, higher at 37,494.12. The NSE counterpart Nifty50 closed at 11,057.84, up 228.50 points, or 2.21 per cent.

The market sentiment was cheerful over initial corporate earnings and prospects of near-normal rains for the monsoon season.

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