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Sensex Soars 350 Points; Nifty Ends Above 12200

Indian shares rose on Wednesday in tandem with their global peers amid hopes the coronavirus outbreak in China may be starting to plateau.

According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30.

Hopes of additional stimulus measures from China as well as recent data indicating continued strength in the U.S. economy also helped improve demand for riskier assets.

Benchmark indexes Sensex and the Nifty ended at over two-week highs after Finance Minister Nirmala Sitharaman said that several important indicators have emerged in the recent past pointing towards green shoots in the economy.

The benchmark S&P BSE Sensex jumped 349.76 points, or 0.85 percent, to 41,565.90 ahead of industrial output data for December and inflation figures for January due out later in the day.

The broader NSE Nifty index ended the session up 93.30 points, or 0.77 percent, at 12,201.20.

Nestle India, ICICI Bank, Eicher Motors, Kotak Bank and Hindustan Unilever rallied 2-5 percent, while BPCL, IndusInd Bank, SBI, Infratel and Yes Bank declined 1-4 percent.

PC Jeweller surged 20 percent ahead of its earnings release on Thursday.

ABB India tumbled 5 percent after the engineering services company reported a massive 80 percent fall in quarterly profit due to lower value of solar inverter business in books.

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