Closing Bell: Nifty near 16,300, Sensex adds more than 1500 points; Metal, Pharma lead recovery

The Indian market made a strong recovery as benchmarks surged nearly 3 per cent each on the last trading session of the week on Friday. Broader Nifty50 reclaimed 16,200, while the Sensex added around 1500 points to settle around 54,300.  

In the broader market, Nifty midcap and small cap rose over two percent each as India VIX closed near 23-mark.  

"As Equity Investors brace for higher volatility on the back of the flip-flop in benchmark indices, the fact that markets are never priced to ground realities, the art of capitalising on the disconnect between earnings and stock prices creates pockets of opportunities, said S Ranganathan, Head of Research at LKP securities. 

Sector-wise, Nifty Metal, Realty and Media gained more than 4% each, while bank, Auto, Pharma and others too gained as all sectoral indices closed higher on Friday.  

Meanwhile, Dr Reddy led the benchmarks as RIL, JSW Steel, Adani Ports, Tata Motors, Nestle India L&T and Tata Steel led from the front. 

The day witnessed keen investor interest in Auto, Pharma, Metal and Defence stocks as Indices vaulted 3% with all sectoral indices ending firmly in the green, added S Ranganathan