Equity benchmark Sensex pared early losses to close 231 points higher on March 28, helped by buying in index heavyweights like Reliance Industries and ICICI Bank amid positive global trends.
After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-period BSE barometer rallied in afternoon trade, rising 231.29 points, or 0.40%, to settle at 57,593.49 . As many as 20 Sensex stocks closed with gains while 10 declined.
The broader NSE Nifty rebounded 69 points, or 0.40%, to settle at 17,222 with 29 of its constituents ending green.
From the 30-stock package, leading gainers included Bharti Airtel, Axis Bank, ICICI Bank, ITC, State Bank of India, Indusind Bank, Power Grid, Bajaj Finserv, Hindustan Unilever and Reliance Industries.
On the other hand, Nestle India, HDFC, HCL Technologies, Dr. Reddy’s, Asian Paints, Wipro, Larsen & Toubro, Tech Mahindra among the laggards.
“Benchmark indices reversed early morning losses on positive global evidence,” said S. Ranganathan, head of research at LKP Securities.
On Friday, the 30-part BSE benchmark fell 233.48 points, or 0.41%, to settle at 57,362.20. The Nifty was down 69.75 points, or 0.40%, to 17,153.
Stock exchanges in Tokyo and Seoul traded lower, while Hong Kong and Shanghai closed higher. The US stock exchanges also closed on Friday with a mixed note.
European markets traded higher as investors weigh developments in the war between Russia and Ukraine. Meanwhile, international oil benchmark Brent Crude fell 3.46% to $116.3 a barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold £1,507.37 billion worth of shares on Friday, according to stock market data.
“Although the war in Ukraine and the consequent surge in crude oil initially impacted markets, the war is no longer having a major impact on markets. The biggest headwinds for markets in 2022 will continue to be high US inflation and Fed tightening,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
