Stock Market Rebounds Snapping 7-Day Losing Run: Sensex Rises 1,329 Points, Nifty Ends At 16,658

Tata Steel, IndusInd Bank, Bajaj Finance, NTPC, Tech M, Axis Bank, Kotak Bank, and TCS ending as top gainers on the index. The stocks zoomed between 3.5 per cent and 6.5 per cent

New Delhi: The key Indian benchmark indices, Sensex and Nifty, on Friday rebounded sharply and finished in the positive zone by gains across all sectors.

After sliding for seven straight sessions, the 30-share BSE Sensex surged 1,329 points (2.44 per cent) to close at 55,859; while the broader NSE Nifty moved 410 points (2.53 per cent) higher to settle at 16,658.

Asian stocks on Friday reacted positively following Wall Street’s overnight lead as US President Joe Biden hit back at Russia with harsh sanctions after it attacked Ukraine.

On the Sensex platform, Tata Steel, IndusInd Bank, Bajaj Finance, NTPC, Tech M, Axis Bank, Kotak Bank, and TCS ending as top gainers on the index. The stocks zoomed between 3.5 per cent and 6.5 per cent.

On the NSE, the 50 share index rose 410 points to end at 16,658. Britannia, Nestle India, and HUL were the only losers on the index, down 0.5 per cent, 0.2 per cent, and 0.01 per cent, respectively.

Meanwhile, in the broader markets, the Midcap and Smallcap indices on the BSE outperformed the benchmarks and closed little over 4 per cent higher each.

Investors’ wealth surged by more than Rs 7 lakh crore in the first hour of trading on Friday as the broader market clawed back some of its lost ground, a day after Russia’s attack on Ukraine roiled investor sentiments.

All of the 15 sector gauges, compiled by the National Stock Exchange, settled in the green. Nifty Metal and Nifty PSU Bank outperformed the index by rising as much as 5.74 per cent and 4.69 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.

The pan-European Stoxx 600 was up around 0.7 per cent during morning trade in London, with major bourses and almost all sectors in positive territory.

In Asia-Pacific, shares mostly rose on Friday, with Japan's Nikkei 225 up almost 2 per cent. In South Korea, the Kospi rose 1 per cent and the S&P/ASX 200 in Australia edged up 0.1 per cent.

The Shanghai composite in mainland China added 0.54 per cent, and the Shenzhen component jumped 1.08 per cent. Hong Kong's Hang Seng index declined 0.14 per cent.

Meanwhile, the rupee recovered 32 paise to 75.28 in early trade on Friday tracking positive domestic equities and stronger Asian peers.