Markets snap 7-day losing streak, amid recovery in global bourses

Mumbai: A day after suffering their worst session in about two years, benchmark indices Sensex and Nifty rebounded up to 2.5 per cent on Friday, in line with higher 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.

Investors' wealth on Friday jumped over Rs 7.72 lakh crore as the broader market clawed back some of its lost ground.

Snapping its seven-day losing streak, the 30-share BSE Sensex climbed 1,328.61 points or 2.44 per cent to settle at 55,858.52. Similarly, the broader NSE Nifty soared 410.45 points or 2.53 per cent to 16,658.40.

Barring HUL and Nestle, all Sensex shares closed with gains — with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra surging as much as 6.54 per cent.

On Thursday, the Sensex had crashed over 2,700 points -- its biggest single-day plunge in about two years; and the Nifty had nosedived 815 points.

On a weekly basis, the Sensex lost 1,974 points or 3.41 per cent and the Nifty gave up 618 points or 3.57 per cent during the week.

All 19 sectoral indices bounced back on Friday, with realty, power, utilities, basic materials and industrials spurting as much as 5.68 per cent.

Smallcap, midcap and largecap indices too surged up to 4.17 per cent.

The US, EU and Japan have vowed to support Ukraine and agreed on a second tranche of economic and financial sanctions on Russia, even as Russian forces continued their advance towards the Ukrainian capital.

Global oil benchmark Brent crude futures rose 0.67 per cent to $100.80 a barrel.

On the forex market front, the rupee climbed 27 paise to end at 75.33 against the US dollar on Friday.

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth a net Rs 6,448.24 crore in the Indian capital markets on Thursday, exchange data showed.