(Bloomberg) -- India’s benchmark stock index gained after fluctuating in early trade after the country’s central bank announced a currency swap and measures to boost liquidity but held back from following global peers with an emergency rate cut.

The S&P BSE Sensex rose 1.4% to 31,835.34 as of 10:14 a.m. in Mumbai after dropping as much as 2.1% and gaining as much as 1.7% in the first 45 minutes of the session. The measure sank 8% yesterday after it fell into a bear market last week. Nifty Index gained 1.2% today. The regional MSCI Asia Pacific Index advanced after in volatile trade.

The NSE Volatility Index is at levels last seen in the 2008 financial crisis, indicating deeper uncertainty about the direction of stock moves. The Philippines closed its financial markets until Thursday to prevent a deeper rout.

Strategist View

Analysts at Mumbai-based Motilal Oswal Securities Ltd. led by Gautam Duggad expect “significant earnings downgrades” for companies as commodity prices fall and India increases restrictions on movement to contain the novel coronavirus outbreak.

The Numbers

  • All 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of metal companies
  • Reliance Industries contributed most to the index advance with a 2.5% gain, Sun Pharma led gains with a 5.3% jump; HDFC Bank was the biggest drag on the index with a 1% drop, while HDFC was the biggest loser, slipping 1.1%

Related Stories

  • Swift Foreign Outflows From India Weigh on Rate-Cut Outlook
  • Sri Lanka to Shut Stock Market Tuesday to Prevent Virus Spread

To contact the reporter on this story: Ronojoy Mazumdar in Mumbai at rmazumdar7@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie, Ravil Shirodkar

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