New Delhi: The key Indian benchmark indices, Sensex and Nifty, on Friday started trade sharply higher after overnight recovery in the global stock markets. Asian stocks rebounded following Wall Street’s overnight lead as US President Joe Biden hit back at Russia with harsh sanctions after it attacked Ukraine.
At 9.50 am, the 30-share BSE Sensex surged 1,420 points to 55,950, while the NSE Nifty was trading at 16,684, 436 points up.
Among the Sensex-30 shares, IndusInd Bank, Tata Steel, M&M, Bajaj Finserv, ICICI Bank, Axis Bank, Ultratech Cement, Wipro, Bajaj Finance, an SBI were the top gainers, up to 4 per cent higher. All Sensex shares were in green. On the Nifty, Tata Motors, UPL and Adani Ports were the top additonal gainers, trading 3-6 per cent up.
The broader markets were seen putting up an impressive show outperforming the benchmarks.
The BSE Midcap and Smallcap indices were up to 3 per cent higher. In comparison, the Sensex and Nifty were up 2 per cent each.
Following the recovery, investors’ wealth zoomed by more than Rs 6.60 lakh crore to Rs 2,48,84,600.
The sharp pullback in the US and Asian markets this morning is strongly supporting the market sentiment. The India VIX index cooled off by 15 per cent after it hit a 52-week high in the previous session.
Among sectors, Nifty PSB index rose 5 per cent, while Realty was up 4.5 per cent. All sectoral indices were significantly higher with Nifty Bank, Auto, IT, Metals, up 2.5-3.5 per cent.
All the 15 sector gauges, compiled by the National Stock Exchange, were trading in green. Nifty PSU Bank and Nifty Metal were outperforming the index by rising as much as 4.85 per cent and 3.85 per cent, respectively.
In the previous session, Sensex had crashed 2,702 points (4.72 per cent) to close at 54,530 on Thursday, while Nifty declined 815 points to settle at 16,248.