After days of brutal sell-off, the domestic equity market witnessed a sharp rebound on Friday and ended with around 6 per cent gains as positive global cues and coordinated efforts by countries across the globe to fight coronavirus (Covid-19) pandemic soothed investors' nerves.
The S&P BSE Sensex rallied 1,628 points or 5.75 per cent to settle at 29,916. Of 30 constituents, 28 advanced and just 2 declined. Reliance Industries (RIL), HDFC and TCS contributed the most to the index's gains. ONGC jumped over 18.5 per cent to Rs 72.45 apiece. It ended as the top gainer on the index. Other heavyweights such as RIL, Hindustan Unilever (HUL), and TCS gained in the range of 10-12 per cent.
On the downside, HDFC Bank slipped over 1 per cent to Rs 882 after global brokerage house Bernstein downgraded the stock to 'unerperform' and sharply slashed the target price to Rs 750 from Rs 1,400 earlier.
On the NSE, headline index Nifty gained 482 points or 5.83 per cent to settle at 8,745 levels.
All the sectoral indices on the NSE ended in the green. Nifty FMCG advanced the most - up around 9 per cent to 26,073 levels while Nifty IT surged over 8.5 per cent to 12,306 points. Metal stocks, too, witnessed solid buying as the Nifty Metal index ended 7.7 per cent higher at 1,695 levels.
In the broader market, the Nifty Midcap 100 index jumped around 5 per cent to 12,642 levels while the Nifty SmallCap index gained over 2 per cent to 3,874 points.
Market breadth was in favour of buyers as out of 2,605 companies traded on the BSE, 1,447 advanced and 1,008 declined while 150 remained unchanged. Volatility index India VIX declined over 7 per cent to 66.92 levels.
In the global markets, Asian shares made a partial comeback from a global rout on Friday but still nursed massive losses for the week, while bonds rallied and oil extended its gains. European stocks, too, opened on a positive note.
Read by: Kanishka Gupta