After seven days of back-to-back falls, domestic stocks saw some recovery on Friday amid supportive global markets and buying across the sectors. At close, the Sensex was up 1,328.61 points or 2.44 per cent at 55,858.52, and the Nifty was up 410.40 points or 2.53 per cent at 16,658.40. About 2567 shares have advanced, 724 shares declined, and 89 shares are unchanged.
Coal India, Tata Motors, Tata Steel, Adani Ports and IndusInd Bank were among gainers on the Nifty, while losers included Britannia Industries, Nestle India and HUL.
All the sectoral indices ended in the green with PSU Bank, power, metal and realty indices up 4-6 per cent. BSE midcap and smallcap indices rose 4 per cent each.
Vinod Nair, head of research at Geojit Financial Services, said that “Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session. 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.”
Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd., said: “Markets have been sharply volatile and the drop in Nifty from its high’s is certainly not indicative of the wealth erosion in many retail investor portfolios. Even global equity markets witnessed sharp selling in the aftermath of Russia invading Ukraine. On the economy front, MPC minutes attributed its status quo on rates and stance to the uneven domestic economic recovery and the need to complement fiscal policy.”
Key benchmark indices opened on a positive note after carnage was seen at the D-street as Russian President Vladimir Putin ordered military operations on Ukraine. At 09:16 IST, the Sensex was up 963.28 points or 1.77 per cent at 55493.19, and the Nifty was up 289.80 points or 1.78 per cent at 16537.80. About 1544 shares have advanced, 611 shares declined, and 68 shares are unchanged.
Global Cues
US markets on Thursday recovered from early losses after President Joe Biden stopped short of implementing the steepest possible sanctions against Russia. The Dow Jones Industrial Average rose a more modest 92.07 points, or 0.3 per cent, to 33,223.83. It rallied back from an earlier 859-point loss. The S&P 500 rose 63.20 points to 4,288.70. the Nasdaq staged an even bigger comeback to end with a gain of more than 3 per cent.
Asian shares rose Friday after US stocks recovered toward the end of a wild trading day, as the world, including President Joe Biden, slapped sanctions against Russia for its invasion of Ukraine. Japan’s benchmark Nikkei 225 surged 1.4 per cent in morning trading to 26,343.02. Australia’s S&P/ASX 200 gained 0.5 per cent to 7,022.30. South Korea’s Kospi jumped 1.2 per cent to 2,681.19. Hong Kong’s Hang Seng added nearly 0.2 per cent to 22,941.59.
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