Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Benchmark equity indices rebounded sharply on Friday, with the Sensex climbing 2.54% to reclaim the 79,000 level, driven by across-the-board rally and value buying at lower levels.

Strong buying by domestic institutional investors and a firm trend in the US markets also helped the indices, traders said.

The BSE benchmark Sensex jumped 1,961.32 points or 2.54% to settle at 79,117.11. During the day, it surged 2,062.4 points or 2.67% to 79,218.19.

The NSE Nifty soared 557.35 points or 2.39% to 23,907.25.

All the 30 Sensex firms ended in the green.

Hectic buying in blue chip counters like Reliance Industries, IT and tech shares boosted market sentiment.

State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen & Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.

The majority of the listed Adani group firms ended higher, bouncing back from the previous day's sharp fall after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

Ambuja Cements surged 3.50%, ACC jumped 3.17%, Adani Enterprises climbed 2.16%, Adani Ports (2.05%), Adani Total Gas (1.18%) and NDTV (0.65%) on the BSE.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,320.68 crore on Thursday, while Domestic Institutional Investors (DIIs) bought shares worth ₹4,200.16 crore, according to exchange data.

In Asian markets, Seoul and Tokyo settled in the positive territory while Shanghai and Hong Kong ended lower.

European markets were trading lower. The US markets ended higher on Thursday.

Global oil benchmark Brent crude climbed 0.19% to $74.37 a barrel.

On Thursday, the BSE benchmark tanked 422.59 points or 0.54% to settle at 77,155.79 points. The Nifty slumped 168.60 points or 0.72% to 23,349.90.