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Indian stocks take breather from virus-fueled selloff

Indian shares followed global equities higher on Friday after four sessions of bruising losses, as policymakers across the world launched fresh efforts to stem the economic fallout of the coronavirus pandemic.

World stocks recovered overnight from steep falls after central banks in Europe, Japan, Australia and the United States launched a fresh wave of stimulus to help businesses battered by a near halt in economic activity due to the virus outbreak.

India’s NSE Nifty 50 index, which fell as much as 1% earlier on Friday, was up 1.49% at 8,386.10 by 0600 GMT, while the S&P BSE Sensex was 1.52% to 28,717.22.

According to experts, this is an intermittent bounce back due to value-buying and some short-covering after a sharp fall, however, it is difficult to say if markets will sustain this momentum or not.

Also aiding sentiment were reports that the U.S. Senate was debating a $1 trillion-plus package that would include direct financial help for Americans and that China was set to unleash trillions of yuan of fiscal stimulus.

The virus, which originated in China, has spread quickly around the globe, claiming more than 10,000 lives and hammering economic activity.