Taking Stock | Market bounces back; Sensex, Nifty gain 3%; metal, pharma, banks lead charge

Taking Stock | Market bounces back; Sensex, Nifty gain 3%; metal, pharma, banks lead charge

The Indian benchmark made a smart recovery from the previous day’s battering, recouping the losses and ended nearly 3 percent higher supported by strong global cues and buying across the sectors.

At close, the Sensex was up 1,534.16 points, or 2.91 percent, at 54,326.39, and the Nifty was up 456.80 points, or 2.89 percent, at 16,266.20.

Asian markets opened high after China cut the five-year loan prime rate to 4.45 percent from 4.6 percent to bolster growth, amid indications that the Covid situation had begun to ease in the financial hub of Shanghai.

"The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market," said Vinod Nair, Head of Research at Geojit Financial Services.

A positive start for Asian peers saw Indian shares open higher and the indices extended the gains as the day progressed, finishing a tad below intraday highs. The Sensex and the Nifty touched highs of 54,396.43 and 16,283.05 during the day.

For the week, BSE Sensex rose 1,532.77 points, or 2.90 percent, and the Nifty added 484.05 points, or 3.06 percent.

Investors got richer by Rs 4,92,349.47 crore, as the market capitalisation of BSE listed companies rose to Rs 2,54,11,537.52 crore