Indian equities rebound; Sensex closes up over 1,300 pts (2nd Ld)

India’s key indices — S&P BSE Sensex and NSE Nifty50 — managed to recover some portion of its losses that it suffered the previous day.

Thursday’s bloodbath in the financial markets was triggered after Russia announced a military operation in Ukraine. Reacting to the news, benchmark indices Sensex and Nifty fell 4.7-4.8 per cent.

Coming to Friday, Sensex settled 2.4 per cent or 1,329 points up at 55,859 points, whereas Nifty 2.5 per cent or 410 points up at 16,658 points.

“Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Global markets took a breather as the fresh US sanctions did not target Russia’s oil exports nor their access to the Swift global payment network.”

However, the market will continue to remain volatile tracking the new developments in the Russia-Ukraine war, Nair added.

According to Anuj Gaur, Director of IBBM: “Every country’s economy is connected to each other due to the globalization factor; any war escalation will keep a direct impact on the Indian economy also.”

“Though sensex is up and rebound today to certain points but it will be in fear until the situation becomes normal.”

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