Stock Market update: Nifty near 16,700, Sensex jumps 1300 points; Tata Motors, Tata Steel top gainers

The Indian markets were trading higher on Friday, a day after receiving a drubbing on back of Russia-Ukraine conflict taking the shape of an all-out war on Thursday, amid improved global cues. The benchmarks began recovering from the opening as Nifty and the S&P BSE Sensex started gap-up taking cues from Asian markets, positive closing by the US markets on Thursday and fresh sanctions imposed on Russia for its aggressive stance on Ukraine.   

The broader Nifty was trading near 16,650 after touching its day high of 16,748.80, while the Sensex was seen above 55,800 as it rose over 1600 points in the morning trade. At 12.30 PM, the Nifty and the Sensex were trading with over 2.5% gain each at 16,657 and 55,905.  

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The benchmarks were supported by auto, metal, banking and realty stocks as all sectoral indices turned green in the afternoon trade with metal surging as much as 5.5%.  

The 12-share banking index, Nifty Bank was trading near 36,500 with over 1200 points, while Nifty small cap and mid cap indices trading with nearly 4 per cent gain.  

Tata Group shares—Tata Motors from auto segment and Tata steel from metal space — were leading the Nifty and the Sensex with gains of nearly 8 and over 6 per cent respectively.  

Beside these stocks, Adani Ports, IndusInd Bank, JSW Steel, Bajaj Finance, Tech Mahindra, Axis Bank, ICICI Bank and NTPC were other top gainers as market began recovering after one of the worst falls in the last two years.  

Britannia, Nestle India were the only losers on the barometer indices in the afternoon trade.  

"Since the situation remains fluid due to Russia-Ukraine situation, investors may remain cautious and vigilant. For long-term investors who can ignore the short-term gyrations in the market, there are buying opportunities in high quality stocks that have corrected significantly. Financials, IT and real estate stocks have the potential to bounce back smartly in a favorable environment," says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.  

(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.)