India stocks recover from record losses as support rallies in favor of domestic market

India stocks rose, taking back ground after record losses on Monday after investors picked stocks that have dropped significantly as the nation goes into lockdown to limit the spread of the COVID-19.

The S&P BSE Sensex gained by 1% to 26,239.96 as of 9:47 AM in Mumbai. Meanwhile, the NSE Nifty 50 Index had also advanced by 1%. Both indexes had seen a record 13% fall in the previous session on Monday after the number of infected cases rose to near 467 in the world’s second-most populated country. The rebounds in 12 of the 19-sector sub-indexes were mostly rallied by IT stocks.

Prime Minister Narendra Modi as well as other state leaders called for a nationwide lockdown following a weekend meeting, dampening an already snail-paced economy in a decade. The Central Bank unveiled steps in order to boost liquidity without opting for a rate cut.

In addition, the Securities and Exchange Board of India had also lowered compliance burden on market participants in a bid to contain market volatility.