1584936280_CHwEex_2020_03_23T031354Z_1_LYNXMPEG2M040_RTROPTP_3_YESBANK_INDIA.JPG 
As it became obvious that NATO countries have no desire for an armed conflict and would instead take the sanctions route, the risk perception lowered globally
Photo Credit :
Indian shares snapped a 7-day losing streak to close more than 2 per cent higher on Friday, a day after their worst fall in over a year following Russia's invasion of Ukraine.
The NSE Nifty 50 index ended up 2.53 per cent at 16,658.40, and the BSE Sensex rose 2.44 per cent to 55,858.52. Both the indices had plunged more than 4 per cent on Thursday.
The benchmarks still fell for a third straight week, dropping more than 3 per cent each, with the Nifty seeing its biggest weekly decline since late November.
"The bounce back in the markets being seen today is a counter to the exaggerated reaction we saw yesterday led by the fears of fully blown out armed conflict between NATO and Russia," said Nitin Raheja, head of discretionary equities at Julius Baer.
As it became obvious that NATO countries have no desire for an armed conflict and would instead take the sanctions route, the risk perception lowered globally, Raheja added.
Meanwhile, the Reserve Bank of India's (RBI) minutes from its February meeting showed that some loss of momentum in India's economic growth due to a third COVID-19 wave and inflation's downward trend made the monetary policy committee retain its policy rate and stance.
"The Index prices have corrected in line with the Global markets. The prices have mean reverted back to the lower end of the channel in the zone of 16,200 levels, which happened to be the first target of the bearish structure. In the short-term sustainability below 16400 would indicate weakness for 15900 levels & broad range for the Market could be 15800-17050 levels. Global Markets have retraced back to important support levels and a temporary pullback and consolidation remains a probable scenario," says Anu Jain, Head – Broking, IIFL Wealth.
State-run Coal India which led gains on the Nifty 50, rose nearly 9 per cent. The coal ministry said it was considering partnering with private companies to operate mines which had been shut by Coal India or where production had been discontinued.
Apollo Hospitals Enterprise was 5.7 per cent higher after the National Stock Exchange said it would be added in the Nifty 50 index from March 31, replacing Indian Oil Corp.
Nifty's metal index and public sector bank index were among the top gainers, rising 5.7 per cent and 4.7 per cent, respectively.
(With inputs from Reuters)