Bailout of global lenders brings relief to market, benchmarks gain

Nifty50 back above 17,000, brings down weekly loss to less than 2% from 3.5%

Benchmark indices gained for a second consecutive day after concerns around the global banking crisis eased as Credit Suisse secured emergency liquidity. The Sensex and the Nifty50 added over 0.6 per cent, each, to trim their weekly losses to below 2 per cent.

After adding 434 points in two days, the Sensex finished at 57,990 while the Nifty50 reclaimed 17,000-mark to close at 17,100. Among sectors, metal and banking stocks staged a comeback to cap a tumultuous week, underlined by the collapse of Silicon Valley Bank and fears of default risk at Credit Suisse.

During the week, domestic banks felt