Indian share markets continued to trade in the green during closing hours and ended their day on a strong note.

Benchmark indices climbed off day's high after Finance Minister Nirmala Sitharaman said that an economic package was still underway even as she announced a slew of other measures, mainly with regard to regulatory compliance matters.

In early trade today, Sensex rose more than 1,450 points as global sentiments improved after the US Federal Reserve pledged to spend as much as needed to steady the financial system. However, gains were wipes as the session progressed.

At the closing bell, the BSE Sensex stood higher by 693 points (up 2.7%) and the NSE Nifty closed higher by 191 points (up 2.5%).

The BSE Mid Cap index ended up by 1.6%, while the BSE Small Cap index ended the day on a flat note.

On the sectoral front, gains were largely seen in the IT sector, healthcare sector and the energy sector.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

Asian share markets ended on a positive note. As of the most recent closing prices, the Hang Seng was up 4.4% and the Shanghai Composite stood higher by 2.3%.

Gold prices are currently trading up by 0.3% at Rs 41,291. The rupee is currently trading at 76.20 against the US$.

Note that the NSE Nifty saw its sharpest one-day fall yesterday, crashing 13%, as the virtual shutdown of the economy to contain the spread of coronavirus spooked investors.

The sell-off shaved off a record Rs 14 trillion of market capitalization.

Many state governments announced lockdowns, as the tally of those infected surged past 500 and the death toll reached ten, raising fears of a community spread.

Also, talking of the Indian economy, 1991, in a lot of ways, can be termed as the turning point of India's economic story.

From being largely isolated from the outside world, India suddenly became a big part of the new global era.

Exports also became a big contributor to India's GDP. From contributing around 7% of GDP before 1991, exports contribute close to 20% of GDP now.

Is This the 1991 Moment for India Again?

The private lender's market-capitalization slipped below the Rs 200 billion-mark in early trade today.

The bank said that it has appointed Sumant Kathpalia as the managing director and chief executive officer. Kathpalia's appointment as MD & CEO will be placed for approval of the shareholders at the ensuing annual general meeting, the bank said in a statement.

However, shares of IndusInd Bank recovered most of the early losses and ended the day down by 7%.

In news from the aviation sector, airline stocks including SpiceJet and IndiGo were locked in lower circuit limits today after the central government announced a suspension of the domestic flights in the wake of coronavirus outbreak.

A government notification said that "the operation of all scheduled domestic flights (except all-cargo flights) by any aircraft operator holding an air operator certificate issued by Directorate General of Civil Aviation (DGCA) shall cease with effect from 23:59 hrs. IST on 24 March 2020. The restriction shall remain in force till 23:59 hrs. IST on 31 March 2020."

The notification added that the operation of flights by the holders of Non-scheduled operator permit and flights by private aircraft operators shall also cease with effect from 23:59 hrs. IST on 24 March 2020.

Moving on to news from the commodity space, crude oil prices rose around 4% today 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.

On the Multi Commodity Exchange, crude oil for April delivery surged by Rs 117 to Rs 1,931 per barrel.

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 plunging to US$ 31 per barrel.