Sensex snaps 7-day losing run, soars 1,329 pts; Nifty tops 16650; PSBs zoom

CLOSING BELL: Sectorally, the Nifty Realty and PSB indices logged the sharpest rebound today with 5 per cent gain each on the NSE

Market LIVE: Sensex firm, up 1300 points; Metals lead, VIX cools off 17%

CLOSING BELL

Equities clocked a resounding comeback on the bourses as investors rushed to bargain buying at lower level on Friday. After a nearly 5-per cent fall on Thursday, benchmark indices jumped 2.4 per cent amid a broad-based buying. Volatility gauge, India VIX, cooled off 16.4 per cent to 26.7 levels.

The frontline BSE Sensex settled a range-bound trade 1,329 points higher at 55,858.5 with 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.

Sectorally, the Nifty Realty and PSB indices logged the sharpest rebound today with 5 per cent gain each on the NSE. This was followed by the Nifty Private Bank index (4 per cent), Nifty Bank index (3.5 per cent), and the Nifty Pharma, Auto, and Financial Services indices (3 per cent each).

Global markets

European stocks were higher on Friday morning, tracking a fragile global rebound as market participants assessed the impact of Western sanctions against Russia after the Kremlin launched an invasion of Ukraine.

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. Elsewhere, 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.

Futures linked to the US' main stock indices were most down with Dow Jones Futures and Nasdaq Futures slipping 0.4 per cent and 0.25 per cent, respectively.

4:24 PM

Nifty technical watch | Recovery may continue if index holds 16,550

"The formation of bullish ABCD pattern helped a recovery in Nifty as the benchmark index ended at 410 points high over the previous closing. However, the Friday’s recovery has found initial resistance at the resistance zone 16700-16750. Going forward, the recovery may continue as long as 16550 is held decisively," said Rupak De, Senior Technical Analyst at LKP Securities.

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4:22 PM

Investors partially recover Thursday's wealth erosion; gain Rs 8 trillion

4:17 PM

Unnerved investors seen relieved with today's rally; India VIX falls 16%

4:07 PM

Paytm now a part of Nifty Next50; Stock gains over 1%

4:05 PM

Adani Power rallies 11% as SC orders Rs 4200 crore tariff payment to company

As per reports, the Supreme Court held that 3 Rajasthan discoms are in contempt of SC Order of 2020 and directed them to pay compensatory tariff of Rs 4,200 cr to Adani Power in four weeks.

4:02 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session. Global markets took a breather as the fresh US sanctions did not target Russia's oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war.

4:01 PM

DLF skyrockets 9% after global brokerage CLSA upgrades stock to 'buy'

3:58 PM

Vedanta soars 7% as CRISIL upgrades long-term debt rating

CRISIL Ratings has upgraded the rating on Vedanta Ltd's long-term bank facilities and debt instruments from “AA-” to “AA” on stronger-than-expected operating profitability driven by elevated commodity prices during FY22.