Share/Stock Market Highlights: The benchmark equity indices on BSE and National Stock Exchange (NSE) snapped out of their seven-session losing streak and bounced back 2.5 per cent on Friday led by gains in banking, financials and metal stocks amid positive cues in the global market.
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The S&P BSE Sensex surged 1,328.61 points (2.44 per cent) to settle at 55,858.52 while the Nifty 50 climbed 410.45 points (2.53 per cent) to end at 16,658.40. Earlier in the day, both the indices had opened around 1.7 per cent higher and rose over 3 per cent with the Sensex hitting a high of 56,183.70 and the Nifty hitting 16,748.80 in the intraday.
On the Sensex pack, Tata Steel was the top gainer of the day surging over 6.5 per cent. It was followed by IndusInd Bank, Bajaj Finance, NTPC, Tech Mahindra, Kotak Mahindra Bank, Axis Bank, Tata Consultancy Services (TCS) and Bajaj Finserv. On the other hand, Nestle India and Hindustan Unilever ended a tad lower.
(with inputs from agencies) Read less
The topline equity indices on BSE and National Stock Exchange (NSE) fell for the seventh straight session, crashing over 4.7 per cent lower on Thursday tracking a fall in their global peers which fell after Russia announced military operations in Ukraine.
The S&P BSE Sensex crashed 2,702.15 points (4.72 per cent) to settle at 54,529.91 while the Nifty 50 tumbled 815.30 points (4.78 per cent) to end at 16,247.95.
"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"
The S&P BSE Sensex ended at 55,858.52, up 1,328.61 points or 2.44 per cent, while the Nifty 50 settled at 16,658.40, up 410.45 points or 2.53 per cent.
International oil prices retreated from an over seven-year high but was still above USD 100 a barrel and continue to pose threat to India’s inflation rate and current account deficit.
While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. CLICK HERE to read
Investors’ wealth surged by more than Rs 7 lakh crore in the first hour of trading on Friday as the broader market clawed back some of its lost ground, a day after Russia’s attack on Ukraine roiled investor sentiments.
Starting off on a strong footing, the 30-share BSE Sensex soared over 1,240 points or around 2.29 per cent in early trade to touch 55,779.45 points. CLICK HERE to read
After the 4.7 per cent crash on Thursday, stock markets on Friday rallied by three per cent in the opening session as the sharp turnaround on Wall Street following a series of tough sanctions by the US and other countries against Russia brought some relief among nervous investors.
The benchmark Sensex bounced back by 1,638 points to 56,168.38 and the NSE Nifty index rose 499 points to 16,746.70 at 10.45 am IST. CLICK HERE to read
The rupee recovered 32 paise to 75.28 in early trade on Friday tracking positive domestic equities and stronger Asian peers.
The local currency opened on a strong note at 75.31 to a dollar at the interbank foreign exchange market and inched higher to 75.28, registering a gain of 32 paise over its previous close.
(PTI)
Former group operating officer (GOO) of the National Stock Exchange (NSE) Anand Subramanian has been arrested by the Central Bureau of Investigation (CBI) in connection with its probe into a 2018 case of manipulation of the bourse.
“Subramanian was arrested by a team of officials in Chennai late on Thursday night. He will be produced in a competent court today,” a CBI official said. CLICK HERE to read
Whenever there is a war situation, there is a knee-jerk reaction in the market — we have seen that in the past during the Gulf war, Iraq war, etc. Last week, everyone was comforted by the news that the Russians were retreating, and so the markets were not prepared. Hence, when this morning’s situation unfolded, there was panic.
The near-term concern is the spike in oil prices and inflation, although I am not too worried. I see the outflow of foreign portfolio investors as a medium-term concern. They have been selling heavily over the last couple of months, and while that did put pressure on the rupee and the stock markets, it was absorbed well by the markets. CLICK HERE to read
"Market has corrected significantly with Nifty, Nifty Midcap and Nifty Smallcap declining sharply by 12%, 20% and 22% respectively. This has made valuations fair with Nifty trading around 17 times FY23 earnings.
But we are in the context of a war with a high level of uncertainty. A lot will depend on whether this will be a short war or will it get prolonged. If it turns out to be a short war with Russia succeeding in putting a pro-Russian government in Ukraine soon, markets are likely to bounce back. On the other hand, if it gets prolonged, the uncertainty will impact markets.
Since the situation remains fluid, investors may remain cautious and vigilant.
For long-term investors who can ignore the short-term gyrations in the market, there are buying opportunities in high quality stocks that have corrected significantly. Financials, IT and real estate stocks have the potential to bounce back smartly in a favorable environment"
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% in morning trading to 26,343.02. Australia's S&P/ASX 200 gained 0.5% to 7,022.30. South Korea's Kospi jumped 1.2% to 2,681.19. Hong Kong's Hang Seng added nearly 0.2% to 22,941.59, while the Shanghai Composite rose 0.8% to 3,456.39.
(AP)
Sensex rebounds 1,059 pts to 55,590 in early trade; Nifty rises 293 pts to 16,541.
(PTI)