The Sensex and the Nifty rebounded up to 2.5 per cent on Friday after suffering their worst session in about two years on Thursday, in line with positive global markets as the US and allies put up a united front to punish Russia with harsher sanctions over the Ukraine conflict.
A strengthening rupee and bargain hunting by participants supported the recovery, traders said.
Snapping its seven-day losing streak, the 30-share BSE Sensex climbed 1328.61 points, or 2.44 per cent, to settle at 55858.52. Similarly, the broader NSE Nifty soared 410.45 points, or 2.53 per cent, to 16658.40.
Barring HUL and Nestle, all Sensex shares closed with gains — with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra surging 6.54 per cent.
“Global markets took a breather as the fresh US sanctions did not target Russia’s oil exports nor their access to the SWIFT global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war,” said Vinod Nair, head of research at Geojit Financial Services.
