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Stock markets recover after 3 days of loss; ICICI, Airtel major movers

Stock markets recover after 3 days of loss; ICICI, Airtel major movers
Benchmark Sensex rebounded 496 points while Nifty closed above the 21,600 level on Friday as buying in heavyweight stocks and a firm trend in global markets helped indices cut short three days of losses. The 30-share BSE Sensex jumped 496.37 points or 0.70 per cent to settle at 71,683.23. During the day, it zoomed 708.78 points or 0.99 per cent to 71,895.64.

The Nifty climbed 160.15 points or 0.75 per cent to close at 21,622.40.

In the past three days, the BSE benchmark fell by 2.91 per cent, and the Nifty declined 2.87 per cent.

"A 'buy on dips' and encouraging global cues propelled the market's recovery. Today’s rebound was broad based; however, investors are disappointed and expect moderation in the rally. As FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced. Sector rotation is likely to propel going ahead," said Vinod Nair, Head of Research, Geojit Financial Services.

Among the Sensex firms, Bharti Airtel, NTPC, Tech Mahindra, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel and Larsen & Toubro were the major gainers.

IndusInd Bank, Kotak Mahindra Bank, HDFC Bank and State Bank of India were the laggards.

In Asian markets, Seoul, and Tokyo settled in the green while Shanghai and Hong Kong ended lower.

European markets were trading higher. The US markets ended with gains on Thursday.

The BSE benchmark fell by 313.90 points, or 0.44 per cent, to settle at 71,186.86 on Thursday. The Nifty declined 109.70 points, or 0.51 per cent, to 21,462.25.

Global oil benchmark Brent crude climbed 0.63 per cent to USD 79.60 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,901.56 crore on Thursday, according to exchange data.

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