New Delhi– The Indian stock market relinquished most of its gains made during the day to end on a flat-to-positive note, with the BSE Sensex closing just 60 points higher.

Sensex rose nearly 480 points earlier in the day to touch an intra-day high of 38,887.80, but declined towards the last hour of trade.

The decline can be attributed to the concerns that the coronavirus outbreak may significantly disrupt the global economy. The domestic indices took cues from the US stock futures and the European equities.

The Sensex closed at 38,470.61, higher by 61.13 points or 0.16 per cent from its previous close of 38,409.48. It had opened at 38,604.25 and touched an intra-day low of 38,386.68.

Nifty50 on the National Stock Exchange settled just 18 points or 0.16 per cent higher at 11,269. During the intra-day trade, it had risen 138.5 points to touch the day’s high of 11,389.50.

According to analysts, the volatility in the markets would continue although the support assured by central banks across the world along with the International Monetary Fund have provided some support. The rising cases of coronavirus infection in India is also likely to hurt the markets, they said.

Further, development in the telecom segment with regards to adjusted gross revenue (AGR) will also be watched out by the investors. The Department of Telecommunications on Wednesday asked all the telcos to pay the remaining AGR dues without any delay as per the Supreme Court’s order.

Among the stocks, Yes Bank surged nearly 26 per cent on reports that the cash-starved private lender may be rescued by a consortium led by country’s largest lender, the State Bank of India. Reports said the the government has approved a plan in this regard to save the bank from sinking.

Shares of Yes Bank on the BSE settled at Rs 36.85, higher by Rs 7.55 or 25.77 per cent from the its previous close.

On the Sensex, the top gainers were Kotak Mahindra Bank (2.74 per cent up), HCL Technologies (2.54 per cent), Bharti Airtel (2.03 per cent), TCS (2 per cent) and Hindustan Unilever (1.74 per cent). Tech Mahindra (2.28 per cent down) and Reliance Industries (2.06 per cent) were major losers.

Among the sectoral indices, FMCG and consumer durables rose the most, while energy and metal stocks were among the major losers. (IANS)