The domestic stock market ended with robust gains on Friday amid positive global cues. Shares surged on value buying after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. All the sectoral indices on the NSE rallied. Realty, metals and PSU banks were in demand.
As per provisional closing, the S&P BSE Sensex, surged 1,328.61 points or 2.44% to 55,858.52. The Nifty 50 index jumped 410.45 points or 2.53% to 16,658.40.
In the broader market, the S&P BSE Mid-Cap index surged 4.07% and the S&P BSE Small-Cap index surged 4.17%.
Buyers outpaced sellers. On the BSE, 2647 shares rose and 723 shares fell. A total of 94 shares were unchanged.
Tata Steel (up 6.33%), TCS (up 3.61%), ICICI Bank (up 3.32%), HDFC Bank (up 2.53%), HDFC (up 2.52%) and Reliance Industries (up 1.24%) boosted the indices.
Domestic equity shares slumped on Thursday after Russia announced military actions in Ukraine. Following the action, the Western Countries imposed sanctions on the Russian economy.
Shares bounced on Friday as the economic sanctions announced by the US and others so far have not included any exile of the Russian economy from the global Swift payment system.
Swift, or the Society for Worldwide Interbank Financial Telecommunication, was launched in 1973 to serve as a neutral platform for banks to chat about financial transfers, transactions, and trades. Banning the entire country from Swift would halt Russia's ability to conduct international trade, receive foreign currency, or continue global business dealings. It would almost surely have severe spillover effects.
Further, the ongoing geopolitical tensions have led investors to believe that US Federal Reserve will tone down its plan to aggressively hike rates this year.
Global Stocks:
The Dow Jones index futures were down 254 points, indicating a weak opening in the US stock market.
Shares in Europe and Asia advanced on Friday, as market participants assessed the impact of Western sanctions against Russia after the Kremlin launched an invasion of Ukraine.
U.S. President Joe Biden on Thursday said Washington will seek to isolate Russia from the global economy by introducing new sanctions following Moscow's invasion of Ukraine. The White House has also authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe, Biden said.
The European Union also agreed to more sanctions on Russia, calling on the country to stop all military action and withdraw its forces.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU