Stock Market
Market rebounds: Sensex jumps 900 pts, Nifty gains after rout
Mumbai/IBNS: The Indian stock market staged a strong rebound on Friday, partially recovering from the steep losses recorded in the previous session.
The BSE Sensex surged nearly 900 points at the opening bell after plunging close to 2,500 points on Thursday. The Nifty 50 also gained 270 points, supported by easing crude oil prices.
Despite the early recovery, analysts cautioned that markets are likely to remain volatile amid ongoing geopolitical tensions stemming from the West Asia conflict.
Among the top gainers in early trade were Vodafone Idea Ltd. (+3.70%), Mangalore Refinery and Petrochemicals Ltd. (+4.64%), Adani Power Ltd. (+3.05%), and Yes Bank Ltd. (+2.51%).
Other notable gainers included Tata Power Company Ltd. (+2.54%), Tata Steel Ltd. (+4.17%), and IDBI Bank Ltd. (+4.05%).
Meanwhile, the Indian rupee extended its losses, hitting a record low of 93.24 against the US dollar.
In the commodities segment, gold and silver prices surged on the Multi Commodity Exchange (MCX), even as global prices remained under pressure. Gold rose 3%, while silver gained 3.6%.
Market expert Anil Singhvi advised investors to remain cautious, noting that the uptick in GIFT Nifty is largely driven by a sharp correction in crude oil prices and hopes that geopolitical tensions do not escalate further.
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