Closing Bell: Market stages comeback; Nifty above 16,600, Sensex adds over 1300 points

Domestic equity markets bounced back after seeing one of the worst single-day corrections since March 2020 on Thursday as the indices ended higher by nearly 2.5% amid Russia-Ukraine waron the last trading day of the week.  

"The bounce back in the markets being seen today is a counter to the exaggerated reaction we saw yesterday led by the fears of fully blown out armed conflict between NATO and Russia. It was further compounded by the fact that yesterday was also the monthly F&O expiry. However, as it became obvious that NATO countries have no desire for an armed conflict and would rather use the path of sanctions the risk perception has lowered marginally globally," said Nitin Raheja, Executive Director, Head – Discretionary Equities, Julius Baer 

Meanwhile, the broader Nifty50 closed above 16,600, while the S&P BSE Sensex settled with over 1300 points gain on Friday. Amid support from realty, metal and banking stocks, the benchmarks Nifty and the Sensex settled at 16,658.40 and 55,858.52 respectively on Friday.  

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Outperforming the benchmarks, Nifty midcap and smallcap indices ended with gains of 4.18% and 4.84% as all indices turned green in an attempt to recouping Thursday's loss.  

Sectorally, metal, realty, PSU Bank and media gained the most as coal India surged nearly 9%. Tata Motors, Tata Steel, Adani Ports, IndusInd Bank, Bajaj Finance, Tech Mahindra, Axis Bank, Kotak Bank and TCS gained the most. Britannia, Nestle India were the only losers on Friday.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)