Key Indian stock indices closed in the green on Tuesday, March 31 despite reports about increasing numbers of coronavirus cases in the country, with the number of confirmed cases exceeding 1,250. Notably, local markets drew support from strong Chinese macro data as well as rising oil prices. Specifically, the country’s NBS manufacturing PMI came in at 52.0 in March compared to 35.7 a month earlier, while the non-manufacturing indicator rose to 52.3, up from 29.6 in February. All sectoral sub-indices on the Nifty 50 traded higher, with energy, metals, commodity and consumer names posting the biggest gains. By the close, the Nifty 50 surged 3.82% to 8,597.75, and the BSE Sensex advanced 3.62% to 29,468.49. By 10:25 GMT, USD/INR firmed 0.15% to 75.500, while EUR/INR dipped 0.62% to 82.7785. The 10-year Indian government bond yield settled down 1.61% at 6.109%. In the O&G sector, Bharat Petroleum, Hindustan Petroleum, GAIL, Oil & Natural Gas and Reliance Industries spiked 13.56%, 12.86%, 8.12%, 7.34% and 6.75%, respectively, tracking oil prices. As regards metals stocks, Steel Authority, Hindalco Industries, Hindustan Cooper and Tata Steel soared 12.99%, 6.87%, 6.70% and 6.28%, respectively. As noted above, the consumer sector enjoyed demand. In particular, Godrej Consumer, ITC and Hindustan Unilever surged 5.63%, 6.72% and 5.23%, respectively. On the daily chart, a bearish flag pattern is shaping up on the BSE Sensex. Consequently, a downturn could be in the offing.