The key equity barometers further pared gains in afternoon trade. The undertone of the market remained bullish amid value buying after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. Shares across sectors advanced, with metals, banks, autos, and IT stocks gaining the most.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 1300.7 points or 2.39% to 55,830.61. The Nifty 50 index jumped 402.85 points or 2.48% to 16,650.80.
In the broader market, the S&P BSE Mid-Cap index spurted 3.71% while the S&P BSE Small-Cap index surged 3.66%.
Buyers outpaced sellers. On the BSE, 2548 shares rose and 740 shares fell. A total of 106 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.
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.
Gainers & Losers:
Tata Motors (up 8.07%), Tata Steel (up 6.71%), Adani Ports (up 6.54%), Coal India (up 6.10%) and JSW Steel (up 5.94%) were the top index gainers.
Britannia Industries (down 0.91%), Nestle Industries (down 0.20%) and Hindustan Unilever (down 0.03%) were the only index stocks currently trading in the red.
Stocks in Spotlight:
KSB added 3.06% to Rs 992 after the company reported 23.1% rise in consolidated net profit to Rs 39.40 crore on a 20.2% increase in net sales to Rs 444.60 crore in Q4 December 2021 over Q4 December 2020.
Kirloskar Ferrous Industries zoomed 6.16% to Rs 198.25 after the Competition Commission of India (CCI) approved the company's proposed acquisition of a majority stake in ISMT.
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