Sensex Recovers After Monday's Rout; Reliance Leads

Benchmark indices opened the day lower after Monday's rout, but buying in Reliance Industries in the first few minutes of trade, ensured that the Sensex was back in the green.

The benchmark index was trading with gains of 160 points while the Nifty was higher by 40 points in trade. Most of Asia was trading with losses led by the Japanese Nikkei, though some markets like the Hong Kong market was seeing a slight uptick. US markets which saw a solid rally of 1,100 points on Tuesday, are likely to open lower as the US Dow Futures were pointing to lower openings.

US President Donald Trump said he will take "major steps" to allay market fears by asking Congress for a fiscal stimulus package to include a payroll tax cut, among other measures.

Reacting to Trump's comment, Wall Street roared back to life on Tuesday. The Dow Jones Industrial Average rose 1,167.14 points, or 4.89%, to 25,018.16, the S&P 500 gained 135.67 points, or 4.94%, to 2,882.23 points.

However, worries continued to persist over the spread of the Coronavirus, with Italy cases topping 10,000 and 2 more deaths being reported from China, which led to a fall across Asia.

Shares in Yes Bank continued to gain ground and were up another 10 per cent, following Monday's staggering gains of 30 per cent. Most of the beaten down names, jumped from their 52-week lows.