Sensex snaps 7-day losing run, soars 1,329 points; Nifty tops 16650; PSBs zoom

Equities clocked a resounding comeback on the bourses as investors rushed to bargain buying at lower level on Friday. After a nearly 5-per cent fall on Thursday, benchmark indices jumped 2.4 per cent amid a broad-based buying. Volatility gauge, India VIX, cooled off 16.4 per cent to 26.7 levels.

The frontline BSE Sensex settled a range-bound trade 1,329 points higher at 55,858.5 with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC, Tech M, Axis Bank, Kotak Bank and TCS ending as top gainers on the index. The stocks zoomed between 3.5 per cent and 6.5 per cent.

On the NSE, the 50 share index rose 410 points to end at 16,658. Britannia, Nestle India, and HUL were the only losers on the index, down 0.5 per cent, 0.2 per cent, and 0.01 per cent, respectively.

Meanwhile, in the broader markets, the MidCap and Smallcap indices on the BSe outperformed the benchmarks and closed a little over 4 per cent higher each.

Sectorally, the Nifty Realty and PSB indices logged the sharpest rebound today with 5 per cent gain each on the NSE. This was followed by the Nifty Private Bank index (4 per cent), Nifty Bank index (3.5 per cent), and the Nifty Pharma, Auto, and Financial Services indices (3 per cent each).

Shares of Fine Organic Industries hit a record high of Rs 4,318.05, surging 9.5 per cent on the BSE in Friday’s intra-day trade, outperforming the market with a wide margin. The stock of the specialty chemicals company surpassed its previous high of Rs 4,174.10 hit on February 4, 2022. The stock has zoomed over 83 per cent in the last year.

CyberMedia, Ganesh Holdings, Orient Bell and Vegetable Products among 53 stocks to hit a fresh 52-week high in trades so far on the BSE. Whereas, 47 stocks registered new 52-week lows, including Aegis Logistics, AIA Engineering, HDIL, Heidelberg Cement, Hindusthan National Glass, ITI, Jyothy Labs, Orchid Pharma, Railtel and VST Industries.

Shares of cement & cement product companies — Ambuja Cements and Nuvoco Vistas Corporation – gained up to 6 per cent on the BSE in Friday’s intra-day trade amid heavy volumes.

Shares of Britannia Industries slipped 3 per cent to Rs 3,352 on the BSE in Friday’s intra-day in an otherwise firm market as input cost pressure concerns weighed on the stock. The stock of the fast-moving consumer goods (FMCG) company traded closer to its 52-week low of Rs 3,350 touched on February 26, 2021.

Shares of UPL climbed 5 per cent to Rs 664 on the BSE in Friday’s intra-day trade after the agrochemicals company announced that its board will consider share buyback proposal on Wednesday, March 2, 2022.

Here are some picks from the week gone by.