Markets post best daily gains in three months; Sensex, Nifty soar nearly 3%

China rate cut helps improve sentiment

Indian markets on Friday recouped all the losses made in the previous session amid a global sell-off on fears of a recession. The rebound was triggered by China’s decision to cut a key lending benchmark to support its economy.

The Sensex surged 1,534 points, or 2.9 per cent, to settle at 54,326, a day after the index had closed at its lowest level since July 30, 2021. The Nifty50 index jumped 457 points, or 2.9 per cent, to close at 16,266. Friday’s gains were the second biggest for the indices this year, and the most since February 15.

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