Sensex and Nifty recover from crash of Thursday

A day after crashing around three per cent, the key Indian equity indices traded on a positive note on Friday. Healthy buying was witnessed in auto, IT and FMCG stocks.

Sensex closed at 37,388.66, higher by 835.06 points or 2.28 per cent from the previous close of 36,553.60.

The Nifty50 on the National Stock Exchange closed at 11,050.25, higher by 244.70 points or 2.26 per cent from its previous close.

The Asian stock markets too largely traded on a positive note. The Indian rupee was traded at 73.68 against US dollar.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has opened in the green and traders can utilise this opportunity to strategise short positions as the index remains in a weak zone.”

The Indian stock market witnessed a bloodbath on Thursday, in line with the global selloff, with the BSE Sensex losing 1,114.82 points.

Post Thursday’s selloff, Sensex had lost 2,292 points in the last four sessions. This was the sixth consecutive session of loss for the Indian indices.

This was the biggest single day fall for the BSE Sensex in four months and the biggest losing streak (6 sessions) in seven months.

The Nifty50 on the National Stock Exchange (NSE) fell well below the psychological 11,000 mark.

Thursday’s bear run has been due to resurgence in coronavirus cases across the world, largely in Europe and anticipation of fresh lockdown restrictions across several countries in the continent including the UK and France.

Indo-Asian News Service