Markets claw back lost ground amid global rebound; post weekly gains

The Sensex surged over 1,500 points while the Nifty reclaimed the 16,000-mark on Friday, reversing the previous session's sharp decline in tandem with a recovery across global markets as investors resorted to bargain-hunting.

Snapping its two-day losing run, the BSE Sensex rallied 1,534.16 points or 2.91 per cent to close at 54,326.39. This was its biggest single-day jump in over three months.

Similarly, the broader NSE Nifty soared 456.75 points or 2.89 per cent to 16,266.15.

All the 30 Sensex firms ended in the green.

Dr Reddy's topped the gainers' chart with a jump of 8.10 per cent, followed by index heavyweight Reliance Industries which zoomed 5.77 per cent.

Nestle India, Tata Steel, Larsen & Toubro, Axis Bank, Sun Pharma and IndusInd Bank were among the other major winners.

"The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market. The Chinese central bank cut a key interest rate to support growth, injecting optimism into emerging markets.

"With concerns over an economic slowdown and rate hikes across the globe, investors will continue to invest with caution. Value stocks should do well during this consolidation period," said Vinod Nair, Head of Research at Geojit Financial Services.

On a weekly basis, the Sensex climbed 1,532.77 points or 2.90 per cent, while the Nifty gained 484 points or 3.06 per cent.

"Markets have been seeing a roller-coaster ride and the key is to manage the overnight risk. Going ahead, global cues, the last leg of earnings and updates on the Russia-Ukraine war will be on the radar. We reiterate our advice to focus more on managing risk and preferring hedged bets," said Ajit Mishra, VP - Research, Religare Broking Ltd.

In the broader market, the BSE smallcap gauge jumped 2.13 per cent and the midcap index spurted 1.98 per cent.

As many as 2,497 stocks advanced, while 777 declined and 144 remained unchanged.

All BSE sectoral indices closed higher, with realty jumping 4.22 per cent, followed by metal (3.75 per cent), capital goods (3.14 per cent), industrials (3.05 per cent), healthcare (3.04 per cent) and energy (2.97 per cent).

Asian markets jumped after China slashed its five-year loan prime rate (LPR) -- a key lending benchmark -- by 15 basis points to spur demand.

Bourses in Europe too were trading with significant gains in the afternoon session. Stock markets in the US had ended lower on Thursday.

Foreign institutional investors remained in selling mode, offloading shares worth a net Rs 4,899.92 crore on Thursday, as per stock exchange data.

Rupee inches 3 paise higher to close at 77.53 against US dollar

The rupee inched 3 paise higher to close at 77.53 (provisional) against US dollar on Friday, supported by a rebound in domestic equities.

At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day's trade.

The rupee finally ended at 77.53, higher by 3 paise over its previous close of 77.56.

According to Dilip Parmar, Research Analyst, HDFC Securities, the lack of dollar demand and rebound in domestic equities augur well for the rupee.

The dollar is about 2 per cent off its recent high, seen last week, as risk-assets rebound after the People's Bank of China (PBOC) announced a 15 bps cut in the 5-year Loan Prime Rate to support the economy.

The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level.

On the domestic equity market front, the BSE Sensex rebounded 1,534.16 points or 2.91 per cent to end at 54,326.39, while the broader NSE Nifty jumped 456.75 points or 2.89 per cent to 16,266.15.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 102.88.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 4,899.92 crore, as per stock exchange data

Brent crude futures, the global oil benchmark, rose 0.10 per cent to USD 112.15 per barrel.

Gold jumps Rs 231; silver rallies Rs 585

Gold in the national capital on Friday jumped Rs 231 to Rs 50,608 per 10 grams in line with a jump in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal finished at Rs 50,377 per 10 grams.

Silver also rallied Rs 585 to Rs 61,657 per kg from Rs 61,072 per kg in the previous trade.

In the international market, gold was trading higher at USD 1,845 per ounce and silver was flat at USD 21.92 per ounce.

"Gold prices traded firm with spot gold prices at COMEX trading 0.23 per cent up at USD 1,845 per ounce on Friday. Gold prices kept firm trading with dollar decline and fall in US bond yields," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.