Sensex, Nifty up by 2% tracking recovery in Asian markets

Domestic equity benchmarks Sensex and Nifty rebounded over two per cent in opening trade on Friday in line with higher Asian bourses, as investors assessed long-term risks of the Ukraine conflict.

The BSE Sensex climbed 1,140.58 points or 2.09 per cent to trade at 55,670.49 in opening deals, and the NSE Nifty traded higher by 344.10 points or 2.12 per cent at 16,592.05.

On the Sensex chart, IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj FinServ and SBI emerged as top gainers, rising as much as six per cent.

On Thursday, the Sensex crashed over 2,700 points, its biggest single-day plunge in about two years; and the Nifty nosedived 815 points. The bloodbath on Dalal Street plunged investor wealth by over ₹13 lakh crore.

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Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth ₹6,448.24 crore in the Indian capital markets on Thursday, according to the exchange data.

Asian shares were higher on Friday, driven by a rebound in US equities, as more sanctions were announced against Russia for its actions in Ukraine.

Meanwhile, the US, EU and Japan are putting on a united front to support Ukraine and agreed on a second tranche of economic and financial sanctions on Russia.

Oil prices, which jumped after the Russian invasion on Ukraine, rose again on Friday on worries about supply disruptions. Brent crude futures were up two per cent at ₹101.20 a barrel.

(With inputs from Agencies)