Sensex, Nifty rebound 2% tracking recovery in Asian markets

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 Domestic equity benchmarks Sensex and Nifty rebounded over 2 percent in opening trade on Friday in line with higher Asian bourses as investors assessed long-term risks of the Ukraine conflict.

The BSE Sensex climbed 1,140.58 points or 2.09 percent to trade at 55,670.49 in opening deals, and the NSE Nifty traded higher by 344.10 points or 2.12 percent at 16,592.05.

On the Sensex chart, IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj FinServ, and SBI emerged as top gainers — rising as much as 6 percent.

On Thursday, the Sensex crashed over 2,700 points — its biggest single-day plunge in about two years; and the Nifty nosedived 815 points. The bloodbath on Dalal Street plunged investor wealth by over Rs 13 lakh crore.

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth Rs 6,448.24 crore in the Indian capital markets on Thursday, exchange data showed.

Asian shares were higher on Friday, driven by a rebound in US equities as more sanctions were announced against Russia for its actions in Ukraine.

Meanwhile, the US, EU, and Japan are putting on a united front to support Ukraine and agreed on the second tranche of economic and financial sanctions on Russia.

Oil prices, which jumped after the Russian invasion of Ukraine, rose again on Friday on worries about supply disruptions. Brent crude futures were up 2 percent at USD 101.20 a barrel.

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