Sensex, Nifty rebound as yield pressure eases; ONGC, UltraTech gain

The Indian markets recouped nearly half the losses on Friday as investor sentiment improved following stability in the bond market after last week’s rout. Central banks across the world reassured investors that they would continue with their accommodative policy measures which helped soothe nerves.

The progress in the US stimulus package and gross domestic product (GDP) growth in India for the quarter ended December 31, after two consecutive quarters of contraction, also helped sentiment.

The benchmark Sensex rose 750 points or 1.5 per cent to end the session at 49,850; the Nifty closed at 14,761, a gain of 232 points or 1.6