A sharp recovery in FMCG, pharma, metals and RIL helped benchmark indices to recover from initial losses
Snapping its five-session losing streak, equity benchmark Sensex rebounded 641.72 points at 49,858.24 on Friday. The broader NSE Nifty surged 186.15 points or 1.28 per cent to finish at 14,744. It was led by gains in index majors RIL, HUL and ICICI Bank despite negative cues from global markets.
NTPC was the top gainer in the Sensex pack, rallying over 4 per cent, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance.
On the other hand, L&T, Tech Mahindra, Bajaj Auto, and Titan were among the laggards.
"Despite weak global cues, domestic equities recovered sharply today after five days of back-to-back fall," said Binod Modi, Head - Strategy at Reliance Securities.
Notably, a sharp recovery in FMCG, pharma, metals and Reliance Industries helped benchmark indices to recover from initial losses.
The moderate contraction in bond yields offered support to domestic equities despite the prevailing concern of rising in daily Covid-19 cases, he said, adding that the recent spike in new infections is unlikely to dent the improved prospects of economic recovery meaningfully.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended on a negative note.
Stock exchanges in Europe were also trading with losses in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 1.36 per cent higher at $ 64.14 per barrel.