Sensex ends 7-day losing streak, advances 480 points, Nifty jumps to 11,303

Indian benchmark indices ended in green on Tuesday (March 3) after closing in red for seven consecutive sessions with the BSE Sensex rallying 480 points or 1.26 per cent to settle at 38,623.70 while NSE's Nifty50 went up 170.5 points or 1.53 per cent to finish at 11,303 points.

Drug major Sun Pharma was the biggest gainer on the Sensex with over 6.5 per cent gains. Tata Steel, ONGC and UltraTech Cement were the other top gainers. In the broader market, the S&P BSE MidCap index advanced 259 points or 1.79 per cent to 4,764 while the S&P BSE SmallCap index went up 170 points or 1.25 per cent to end at 13,774 points. Volatility index India VIX, however, went down 2.6 per cent to 24.54 levels.

Sectorally, metal and pharma stocks were the biggest gainers on Tuesday with the Nifty Metal index climbing .6 per cent to 2,321 levels while Nifty Pharma index ended at 7,921, advancing over 5 per cent. 

Meanwhile, the Reserve Bank of India on Tuesday said that it is ready to take "appropriate actions" to ensure the orderly functioning of financial markets due to the spread of coronavirus in India.

"The Reserve Bank of India is monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure the orderly functioning of financial markets, maintain market confidence and preserve financial stability," RBI said in a statement.