The Indian equity market staged a strong rebound today, erasing half of the losses from the previous session. Global market sentiment turned positive after US and the Western powers imposed harsher sanctions on Russia post its invasion of Ukraine.
Sensex ended 1,328 points higher at 55,858 and Nifty rose 410 points to 16,258. With today's rally, Indian market has snapped its seven sessions of losing streak.
The 30-stock index had plunged 2,702 points yesterday when Russia started its invasion of Ukraine.
Tata Steel, IndusInd Bank, NTPC and Bajaj Finance were the top Sensex gainers today, rising up to 6.54%
Of 30 Sensex stocks, 28 ended in the green. Market cap of BSE-listed firms rose to Rs 250 lakh crore against the previous session's Rs 242 lakh crore.
Market breadth was positive with 2,639 stocks ending higher against 730 stocks closing lower on BSE. 95 shares were unchanged.
BSE mid cap and small cap indices rose 905 points and 1059 points, respectively.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities said, "Sharp recovery in the markets came on the back of a rally in global equity indices. The relief rally was expected as the markets world over, including in India, had been falling continuously for the past seven sessions and hence recovery was on the cards. If the war between Russia and Ukraine continues, the upmove could be short-lived and once again market sentiment could turn weak with bouts of volatility going ahead. It would be interesting to see whether the index holds the level of 16500 or not. However, if the index manages to trade above 16500, a pullback formation is likely to continue till 16900-17000. However, a strong possibility of one more short term correction is not ruled out, if the index closes below 16500. Below the same, there are chances that the Nifty could hit 16300-16100 levels."
Banking, consumer durables, metal and IT shares were the top sectoral gainers on BSE. BSE bankex zoomed 1336 points, consumer durables index surged 1,285 points, BSE metal climbed 1100 points and the BSE IT index rose 823 points. All 19 BSE sectoral indices closed in the green.
India VIX, the stock market's volatility index, fell 16.39% to 26.74, indicating reduced volatility in trade today.
On Thursday, Sensex ended 2,702 points lower at 54,529 and Nifty slumped 815 points to 16,247 on Thursday. All Sensex and Nifty shares ended in the red. Investors lost over Rs 13 lakh crore on BSE after Russia invaded Ukraine amid global opposition to the attack.
Foreign institutional investors (FIIs) sold shares worth Rs 6,448 crore on February 25, and domestic institutional investors (DIIs) lapped up shares worth Rs 7667 crore, as per provisional data available on NSE.
Global markets
Equity markets recovered today from the Thursday crash after Russia invaded Ukraine , wrecking investor sentiment across the globe.
Japan's benchmark Nikkei 225 surged 1.95 per cent to 26,476. Australia's S&P/ASX 200 was flat at 6,997. South Korea's Kospi jumped 27 points to 2676.
Hong Kong's Hang Seng fell 134 points to 22,767, while the Shanghai Composite rose 21 points to 3,451.
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.
The S&P 500 rose more than 1 per cent, ending a four-day slide amid worries over the escalating crisis. The Dow also ended in positive territory. The Dow Jones Industrial Average rose 92.07 points, or 0.28 per cent, to 33,223.83, the S&P 500 gained 63.2 points, or 1.50 per cent, to 4,288.7 and the Nasdaq Composite added 436.10 points, or 3.34 per cent, to 13,473.59.