The domestic equity benchmarks were hovering near the day's high in mid-morning trade. Investors hunted for bargain after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. All the sectoral indices on the NSE rallied.
At 11:25 IST, the barometer index, the S&P BSE Sensex, surged 1,585.75 points or 2.91% to 56,115.66. The Nifty 50 index jumped 477.55 points or 2.94% to 16,725.50.
In the broader market, the S&P BSE Mid-Cap index spurted 4.23% while the S&P BSE Small-Cap index surged 4.25%.
Buyers outpaced sellers. On the BSE, 2578 shares rose and 627 shares fell. A total of 106 shares were unchanged.
Tata Motors (up 7.51%), Adani Ports and Special Economic Zone (up 6.60%), Tata Steel (up 5.77%), IndusInd Bank (up 5.04%) and Bajaj Finance (up 4.98%) were major Nifty gainers.
Britannia Industries (down 0.52%) and NestlIndia (down 0.06%) were major Nifty losers.
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Domestic equity shares slumped on Thursday after Russia announced military actions in Ukraine. Following the action, the Western Countries imposed sanctions on the Russian economy.
The market, however, bounced on Friday as the economic sanctions announced by the US and others so far have not included any exile of the Russian economy from the global Swift payment system.
Swift, or the Society for Worldwide Interbank Financial Telecommunication, was launched in 1973 to serve as a neutral platform for banks to chat about financial transfers, transactions, and trades. Banning the entire country from Swift would halt Russia's ability to conduct international trade, receive foreign currency, or continue global business dealings. It would almost surely have severe spillover effects.
Further, the ongoing geopolitical tensions have led investors to believe that US Federal Reserve will tone down its plan to aggresively hike rates this year.
Buzzing Indian Segment:
The Nifty PSU Bank index jumped 5.97% to 2,696.50. The index slumped 8.26% in the previous session.
Punjab National Bank (up 10.47%), Indian Overseas Bank (up 8.31%), Bank of India (up 7.23%), Jammu & Kashmir Bank (up 7.1%), Bank of Baroda (up 7.06%), Union Bank of India (up 6.49%), UCO Bank (up 6.19%), Canara Bank (up 5.74%), Indian Bank (up 5.56%), Central Bank of India (up 5.1%), Punjab & Sind Bank (up 4.75%), Bank of Maharashtra (up 3.76%) and SBI (up 3.35%) surged.
Global Markets:
The Dow Jones index futures were down 174 points, indicating a weak opening in the US stock market.
Asian shares advanced on Friday as investors assessed the Russia-Ukraine conflict following a massive comeback on Wall Street overnight.
U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow's invasion of Ukraine. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
The European Union also agreed to more sanctions on Russia, calling on the country to stop all military action and withdraw its forces.
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