Domestic equity benchmarks trimmed gains in early afternoon trade. The undertone of the market was bullish amid value buying after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. All the sectoral indices on the NSE rallied.
At 12:21 IST, the barometer index, the S&P BSE Sensex, surged 1,393.48 points or 2.56% to 55,923.39. The Nifty 50 index jumped 436.35 points or 2.69% to 16,684.30.
In the broader market, the S&P BSE Mid-Cap index spurted 3.62% while the S&P BSE Small-Cap index surged 3.53%.
Buyers outpaced sellers. On the BSE, 2552 shares rose and 699 shares fell. A total of 111 shares were unchanged.
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.
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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 aggressively hike rates this year.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 16.59% to 26.68. The Nifty 31 March 2022 futures were trading at 16,689.95, at a premium of 8.90 points as compared with the spot at 16,681.05.
The Nifty option chain for 31 March 2022 expiry showed maximum Call OI of 17.3 lakh contracts at the 17,000 strike price. Maximum Put OI of 50.4 lakh contracts was seen at 16,500 strike price.
Buzzing Segment:
The Nifty Metal index surged 5.66% to 5,614.40. The index slumped 5.26% in the previous session.
Jindal Steel and Power (up 8.53%), NALCO (up 7.18%), Hindustan Copper (up 7.15%), SAIL (up 7.06%), Tata Steel (up 6.01%), APL Apollo Tubes (up 5.48%), Hindalco Industries (up 4.98%), JSW Steel (up 4.87%), Coal India (up 4.7%), NMDC (up 4.61%), Adani Enterprises (up 4.21%), Welspun Corp (up 4.19%), Hindustan Zinc (up 3.25%) and Ratnamani Metals & Tubes (up 1.52%) surged.
Vedanta surged 7.22% after CRISIL Ratings upgraded its rating on the long-term bank facilities and debt instruments of the company to 'CRISIL AA' from 'CRISIL AA-'. The credit rating agency has revised the outlook on the long-term debt to 'Stable' from 'Positive'.
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.
Stocks in Spotlight:
Dr. Reddy's Laboratories (DRL) rose 1.34%. DRL informed that it has completed the acquisition of Nimbus Health GmbH. Nimbus Health GmbH is now a wholly owned step-down subsidiary of the company with effect from 24 February 2022, DRL said.
UPL added 2.71% after the company said that its board is scheduled to meet on Wednesday, 2 March 2022, to consider a proposal for buyback of fully paid-up equity shares of the company.
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