Key equity benchmarks ended with robust gains on Tuesday, supported by steep slide in crude oil prices and positive global shares. Further, RBI monetary policy meet (scheduled on February 6th) is awaited as it will throw light on the inflation trajectory as well as provide economic outlook going forward. Further, decline in oil prices and rupee appreciation is working in favour of the Indian markets. However, concerns regarding coronavirus still persist and we may witness volatility in the short-term.
Hong Kong’s Cathay Pacific Airways Ltd plans to cut 30% of its global capacity over the short-term, including 90% of capacity to mainland China as it grapples with a sharp fall in demand due to the corona virus epidemic. European shares opened higher extending their recovery from a sharp selloff last week that was driven by concerns over a virus outbreak in China.European STOXX 600 index (STOXX) rose 0.6%.
Nifty50 closed higher at 11979.65 level,+271.75 points, or +2.32 per cent. Nifty Support : 11930 and 11900 Resistance : 12030 and 12120.
