Closing Bell: Indian market halts 7-day losing streak, Nifty scales 16600
After witnessing one of the worst falls on Thursday, the domestic equity benchmarks Sensex and Nifty extended gains after a gap-up opening on Friday amid positive global cues as gains across sectors pushed the headline indices higher.
The Indian equity market rebounded today and finished higher after falling for seven straight sessions led by gains across all sectors. Both the benchmarks had plunged sharply in the previous session, marking their worst fall in over a year.
Today the investor sentiment turned upbeat, tracking the global markets as US President Joe Biden hit back at Russia with harsh sanctions after it attacked Ukraine. With today's gain, investors' wealth zoomed Rs 7.76 lakh crore in a sharp rise on Dalal Street, with the market capitalization (m-cap) of BSE-listed companies rising to Rs 250 lakh crore from Thursday's Rs 242.24 lakh crore mark.
Benchmark indices gained over 2.5% amid supportive global markets and buying across the sectors.
At the closing bell on February 25, the Sensex was up 1,328.61 points or 2.44% at 55,858.52, and the Nifty was up 410.40 points or 2.53% at 16,658.40. On the market breadth, around 2567 shares have advanced, 724 shares declined, and 89 shares are unchanged.
Top gainers of the day were Coal India, Tata Motors, Tata Steel, Adani Ports and IndusInd Bank, while top losers included Britannia Industries, Nestle India and HUL.
On a sectoral basis, all the sectoral indices ended in the green with PSU Bank, power, metal and realty indices up 4-6%. In the broad market, the BSE midcap and smallcap indices rose 4% each.
In other news, the European Union wants to cut all links between Russia and the global financial system, France's finance minister said on Friday, after the bloc agreed to new sanctions against Moscow over its attack on Ukraine.
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