Stock Market Snaps 3-Day Losing Run: Sensex Gains 496 Points; Nifty Tops 21,600. Airtel Up 3.5 Per Cent

Stock update: On the 30-share Sensex platform, 26 stocks have settled in the green. Bharti Airtel (3.52 per cent), NPTC, TechM, Tata Steel, M&M, UltraCemco were among the lead gainers

The two key equity benchmarks, Sensex and Nifty, on Friday snapped their three-day losing run, tracking a global rally and buying across sectors. The S&P BSE Sensex gained 496 points to close at 71,683. On the other hand, the NSE Nifty50 settled at 21,622, up 160 points.

On the 30-share Sensex platform, 26 stocks have settled in the green. Bharti Airtel (3.52 per cent), NPTC, TechM, Tata Steel, M&M, UltraCemco were among the lead gainers. On the down side, IndusInd Bank, HDFC Bank, Kotak Bank, and SBI emerged losers.

In the broader markets, the BSE Midcap and the BSE Smallcap indices jumped 1.69 per cent and 1 per cent, respectively.

Sectorwise, all the indices ended in the green, with Nifty Metal and FMCG indices rallied 1.3 per cent each, and the Nifty PSU Bank index rose 1 per cent, while Nifty Media index fell 1.2 per cent.

In the previous session on Thursday, the S&P BSE Sensex fell 314 points to end at 71,187, while the NSE Nifty50 settled at 21,462, down 110 points.

"A 'buy on dips' and encouraging global cues propelled the market's recovery," said Vinod Nair, Head of Research, Geojit Financial Services. "Today’s rebound was broad based; however, investors are disappointed and expect moderation in the rally. FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced," Nair said.

In Asian markets, Seoul, and Tokyo settled in the green, while Shanghai and Hong Kong ended lower. European markets were trading higher. The US markets ended with gains on Thursday.

Global oil benchmark Brent crude climbed 0.63 per cent to $79.60 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,901.56 crore on Thursday, according to exchange data.

Meanwhile, the rupee gained 7 paise to settle at 83.06 (provisional) against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas. However, strengthening crude oil prices and foreign capital outflows capped the sharp gain in the domestic currency, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.15 and traded between the peak of 83.06 and the lowest level of 83.16 against the greenback. The local unit finally settled at 83.06 (provisional) against the dollar, registering a gain of 7 paise against its previous close. On Thursday, the rupee settled 1 paisa higher at 83.13 against the US dollar.