Indian shares gain on hopes of govt aid to tackle coronavirus impact

Indian shares gain on hopes of govt aid to tackle coronavirus impact

Indian shares rose on Wednesday after the finance minister said the government would announce measures to tackle the financial fallout from the coronavirus outbreak amid a fall in new cases in China.. The broader NSE Nifty 50 index was up 0.93 per cent at 12,1014 by 0401 GMT, while the benchmark S&P BSE Sensex rose 0.6�per cent to 41,121.51.. Both the indexes declined nearly 1 per cent in the last two sessions due to the rising financial impact of the epidemic.. Finance minister Nirmala Sitharaman met more than 200 business leaders to assess the impact of the coronavirus on Tuesday, and said the government would unveil measures to help businesses.. "If the cornonavirus threats die down the markets may see a short-term bounce back," said Naveen Kulkarni, head of research at Reliance Securities.. "Corporate earnings have been weak.. There are big challenges with regards to the resolution the banking industry has to see.. There are banks that are still struggling to raise capital and there are more long-term challenges.". The epidemic in China has hit India's manufacturing and exports of medicines, electronic, textile and chemicals as China is the biggest source of intermediate goods, worth $30 billion a year, according