Indian share markets continued to trade in the green during closing hours and ended their day on a strong note.
Benchmark indices Sensex and the Nifty saw their biggest one day gain in nearly 11 years on the back of possible announcement of fiscal measures from the government.
At the closing bell, the BSE Sensex stood higher by 1,861 points (up 7%) and the NSE Nifty closed higher by 496 points (up 6.4%).
The BSE Mid Cap index ended up by 3.5%, while the BSE Small Cap index ended the day up by 2.8%.
On the sectoral front, gains were largely seen in the energy sector and banking sector.
Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 3.81% and the Shanghai Composite was up by 2.71%. The Nikkei 225 was up 8.04%.
European markets were also trading on a positive note. The FTSE 100 was up by 2.10%. The DAX was trading up by 1.15%, while the CAC 40 stood up 2.17%.
The rupee was trading at 75.96 against the US$.
In news from commodity space, crude oil prices continued their momentum and went on to witness huge gains. Prices rose more than 5% to Rs 1,976 per barrel as market participants widened their positions tracking a positive trend overseas.
Crude oil (OIL) also witnessed buying interest yesterday as prices rose around 4% on hopes that the US will soon reach a deal on a US$ 2 trillion coronavirus aid package that could blunt the economic impact of the outbreak and in turn support oil demand.
The US Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from restrictions on commerce that scientists say are needed to slow the coronavirus pandemic.
Note that, crude oil prices had crashed earlier this month in what was the worst price dip since the 1991 Gulf War with Brent prices (BNO) plunging to US$ 31 per barrel.
Moving on to news from the pharma sector, amid the coronavis outbreak, the government today banned export of anti-malarial drug hydroxychloroquine. The ban is from immediate effect to ensure sufficient availability of the medicine in the domestic market.
Indian Council of Medical Research (ICMR) Director General Balram Bhargava had on Monday recommended the use of hydroxychloroquine for treating healthcare workers handling suspected or confirmed coronavirus cases and also the asymptomatic household contacts of the lab-confirmed cases.
The treatment protocol recommended by the ICMR-constituted National Task Force for COVID-19 has been approved by the Drug Controller General of India (DGCI) for restricted use in emergency situations.
The government, however, said it will allow export of the medicine on humanitarian grounds on case-to-case basis on the Ministry of External Affairs' recommendation.
According to some reports, demand for hydroxychloroquine and chloroquine, a related compound, have jumped after US President Donald Trump said that these salts were effective in treating COVID-19.
Over the last few weeks, India has banned exports of a host of medical devices including sanitisers, all types of ventilators and surgical masks.
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