AFTER AN INITIAL DROP, THE SENSEX GAINS 268 POINTS, WHILE THE NIFTY CROSSES THE 16,600 MILESTONE

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Indices that serve as benchmarks On Friday, the Sensex and Nifty opened on a sour note, reflecting poor global markets, but recovered quickly to trade with big gains.

In early trading, the 30-share BSE Sensex fell 414.44 points to 55,049.95, a loss of 414.44 points. However, it quickly recovered all of its losses and soared 268.39 points to 55,732.78.

In early trade, the broader NSE Nifty dropped 124 points to 16,470.90. Soon after, buying resumed, and the 30-stock index rose 70.70 points to 16,665.60.

Tata Steel, Axis Bank, Bajaj Finance, Sun Pharma, and Bajaj Finserv were among the gainers on the 30-share Sensex pack, while Maruti Suzuki India, Nestle, Infosys, and Wipro were among the losers.

The Sensex closed at 55,464.39, up 817.06 points or 1.50 percent, in the previous trade. Similarly, the Nifty closed at 16,594.90, up 249.55 points, or 1.53%.

During mid-session trades, bourses in Hong Kong, Tokyo, and Shanghai were quoted lower.

On Thursday, stock markets in the United States ended the day lower.

The BJP roared back to power in Uttar Pradesh on Thursday, retaining Uttarakhand, Manipur, and Goa, while Arvind Kejriwal's AAP produced a remarkable triumph in Punjab, securing a three-fourth majority and pulverising its adversaries.

Meanwhile, Brent crude, the international oil standard, fell 0.36 percent to USD 108.90 per barrel.

According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Thursday, offloading shares worth Rs 1,981.15 crore on a net basis.

"As important peace talks between Russia and Ukraine came to a standstill on Thursday, the global stock market plummeted. The market gained confidence as a result of the BJP's victory. With the ECB and the US Federal Reserve both meeting in the coming days, prudence is urged "According to Mohit Nigam, Hem Securities' Head of PMS.

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