SYDNEY, March 17 ― Australia's main share index recovered from its worst-ever day to jump 5.83 per cent today as investors overlooked coronavirus worries to buy across a wide range of stocks.

The ASX 200 had plummeted 9.7 per cent yesterday, its largest-ever percentage drop, as fears over the economic impact of coronavirus hit markets worldwide.

But today, the index soared 291.4 points to 5,293.4, which analysts said was its biggest one-day percentage gain in two decades.

Grocery chains buoyed by pandemic-fuelled mass buying of staples were among the big gainers, with Metcast up 27 per cent and Woolworths gaining almost 10 per cent.

Banks were also well up, with Commonwealth Bank rising 13.3 per cent, ANZ gaining 11.9 per cent and Westpac adding eight per cent.

Analysts noted that a late rally on the ASX coincided with a sharp jump in US futures which pointed to strong gains on Wall Street. ― AFP