Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Mumbai: Benchmark equity indices rebounded sharply on Friday, with the Sensex climbing 2.54 per cent to reclaim the 79,000 level, driven by across-the-board rally and value buying at lower levels.

Strong buying by domestic institutional investors and a firm trend in the US markets also helped the indices, traders said.

The BSE benchmark Sensex jumped 1,961.32 points or 2.54 per cent to settle at 79,117.11. During the day, it surged 2,062.4 points or 2.67 per cent to 79,218.19.

The NSE Nifty soared 557.35 points or 2.39 per cent to 23,907.25.

All the 30 Sensex firms ended in the green.

Hectic buying in blue chip counters like Reliance Industries, IT and teck shares boosted market sentiment.

State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen & Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.

The majority of the listed Adani group firms ended higher, bouncing back from the previous day's sharp fall after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

Ambuja Cements surged 3.50 per cent, ACC jumped 3.17 per cent, Adani Enterprises climbed 2.16 per cent, Adani Ports (2.05 per cent), Adani Total Gas (1.18 per cent) and NDTV (0.65 per cent) on the BSE.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,320.68 crore on Thursday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,200.16 crore, according to exchange data.

In Asian markets, Seoul and Tokyo settled in the positive territory while Shanghai and Hong Kong ended lower.

European markets were trading lower. The US markets ended higher on Thursday.

Global oil benchmark Brent crude climbed 0.19 per cent to USD 74.37 a barrel.

On Thursday, the BSE benchmark tanked 422.59 points or 0.54 per cent to settle at 77,155.79 points. The Nifty slumped 168.60 points or 0.72 per cent to 23,349.90.