New Delhi: Benchmark stock market indices rebounded sharply on Friday, tracking an improvement in global cues following easing concerns over US interest rates.
The S&P BSE Sensex rose 634 points to 63,782, while the NSE Nifty 50 settled 190 points higher at 19,047.25. Broader market indices also witnessed a similar rally as volatility dipped.
Despite the rise, both benchmark indices have lost over 2 per cent this week, registering their steepest decline since the week ended September 2022.
Most of the sectoral indices also made a strong recovery, with high-weightage Nifty Bank, Nifty Financial Services and Nifty IT gaining over 1 per cent.
Nifty PSU Bank gained over 4 per cent, supported by a rally in shares of public sector banks such as Bank of India, Indian Overseas Bank, Canara Bank and Union Bank of India.
The top five gainers on the Nifty 50 were Coal India, HCL Tech, Axis Bank, SBI and Bajaj Auto. On the other hand, the top losers were UPL, ITC, Hindalco, BPCL and Asian Paints.
Analysts are of the view that the consolidation in domestic markets is likely to continue, but are confident that they will rebound in the long run.