The Sensex and the Nifty50 made a comeback on Friday, a day after their worst fall in nearly 21 months, tracking gains across global markets. Investors, however, remained cautious tracking newsflow on the Russia-Ukraine crisis.
Indian equity benchmarks rebounded on Friday to recover nearly half of the previous day's losses, tracking a bounceback across global markets as investors globally assessed the impact of Western sanctions against Russia. However, investors globally remained cautious as they assessed newsflow on the Russia-Ukraine crisis.
The 30-scrip Sensex index ended 1,328.6 points or 2.4 percent higher at 55,858.5 and the broader Nifty50 benchmark settled at 16,658.4, up 410.5 points or 2.5 percent from its previous close -- both halting a seven-day losing streak.
Investors' wealth increased by Rs 7.7 lakh crore as the market capitalisation of BSE-listed companies rose to Rs 250 lakh crore.
Coal India, Tata Motors, Tata Steel, Adani Ports, IndusInd Bank, Bajaj Fiannce and JSW Steel were the top blue-chip gainers. Only three stocks in the Nifty50 pack finished the day in the red.
All sectors remained in the green throughout the session after a strong start. Financial, IT and oil & gas stocks were the biggest contributors to the recovery in both headline gauges.
ICICI Bank, the HDFC twins, TCS and Reliance Industries were the biggest boosts for both.
"Global markets took a breather as fresh US sanctions neither target Russia's oil exports nor their access to the SWIFT global payment network. However, the market will remain volatile tracking new developments about the Russia-Ukraine war," said Vinod Nair, Head of Research at Geojit Financial Services.
Broader markets also made a comeback, with the Nifty Midcap 100 index rising 4.2 percent -- its biggest single day in two years. Its smallcap counterpart climbed up 4.8 percent to escape bear territory.
In the midcap and smallcap segments, Fertilisers and Chemicals Travancore, Restaurant Brands, NBCC, Advanced Enzyme, and Ashoka Buildcon -- rising between 11.9 percent and 18.1 percent -- were among the top gainers. On the other hand, Aegis Logistics, Tata Teleservices, Rajesh Exports, Nilkamal and Heidelberg -- falling between 0.8 percent and 5.3 percent -- were among the losers.
In the Nifty 500 -- the bourse's broadest index, around 470 stocks rose for the day.
Overall market breadth remained in favour of the bulls throught the day, with an advance-decline ratio of 6:1 at the close.
The 50-scrip index entered the March futures & options (F&O) series, after it finished February with a cut of 862 points or five percent.
European stocks began Friday's session higher, in tandem with a fragile global rebound, a day after Russia's move to invade Ukraine sent shockwaves across the world's financial markets.The pan-European Stoxx 600 index was up 1.6 percent at the last count.
S&P 500 futures were down 0.6 percent, suggesting a weak start ahead on Wall Street.
"Friday’s recovery found initial resistance at the 16,700-16,750 zone. Going forward, the recovery may continue as long as 16,550 is held decisively," said Rupak De, Senior Technical Analyst at LKP Securities.