Sensex rallies nearly 900 points; Nifty jumps over 272 points on firm global trends

PTI

Mumbai, March 3

The Sensex jumped nearly 900 points and the Nifty rallied over 272 points on Friday, bouncing back from the previous day's fall, following a positive trend in global equities and fresh foreign fund inflows.

The BSE Sensex rallied 899.62 points or 1.53 per cent to end at 59,808.97 after starting the trade on a positive note. During the day, it jumped 1,057.69 points or 1.79 per cent to 59,967.04.

The NSE Nifty advanced 272.45 points or 1.57 per cent to settle at 17,594.35.

From the Sensex pack, State Bank of India, Bharti Airtel, Reliance Industries, ITC, Tata Steel, IndusInd Bank, HDFC Bank, Tata Motors, HDFC and Titan were the major gainers.

Tech Mahindra, UltraTech Cement, Nestle and Asian Paints were the laggards.

In Asian markets, Seoul, Japan, China and Hong Kong ended in the green.

Equity markets in Europe were trading in the positive territory. The US markets had ended higher on Thursday.

Foreign Portfolio Investors (FPIs) bought shares worth Rs 12,770.81 crore on Thursday, according to exchange data.

"The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers," said Vinod Nair, Head of Research at Geojit Financial Services.

The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the USD 2 billion debt repayment due in the coming months.

International oil benchmark Brent crude dipped 0.07 per cent to USD 84.69 per barrel.

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