Sensex up 700 points led by banking stocks

Mumbai: Slide in global crude oil prices and positive global cues aided the benchmark Sensex to gain over 700 points on Tuesday.

Brent, the global oil benchmark, on Tuesday fell as much as $53.95 a barrel as traders weigh the impact on global demand from the spread of coronavirus, which has probably cut China’s oil consumption by 20 per cent, according to analysts.

China is the largest importer of crude oil in the world, while India also imports over 80 per cent of its total oil requirements.

HeroMotoCorp, ITC, HDFC Bank, ICICI Bank and Reliance Industries were the top gainers on the Sensex.

At 11.19 a.m., the benchmark Sensex traded at 40,591.36, higher by 719.05 points or 1.80 per cent. The Nifty gained 222.05 points to trade at 11,929.95.

Asian markets traded higher on Tuesday after a recovery in Chinese stock markets. Shanghai Composite Index fell over 8 per cent on Monday. Investors reacted to the Coronavirus related deaths which has crossed 400 in China.

Meanwhile, provisions data from the exchanges showed, foreign institutional investors sold equities worth Rs 1,200.27 crore on Monday, while domestic institutional investors purchased shares worth Rs 1,286.63 crore.