Indian shares rose sharply on Friday, mirroring firm global cues after U.S. President Joe Biden pledged to double his administration’s vaccination rollout plan and the Federal Reserve reiterated that it will not raise interest rates until a nearly complete recovery from the pandemic’s economic damage.
Strong U.S. economic data released overnight also helped support hopes of economic recovery.
The benchmark 30-share BSE Sensex jumped 568.38 points, or 1.17 percent, to 49,008.50 after two days of steep losses.
The broader NSE Nifty index ended up 182.40 points, or 1.27 percent, at 14,507.30 with gains seen across the board.
Asian Paints, Tata Motors, Titan, Bajaj FinServ and Tata Steel rallied 4-6 percent in the Nifty pack, while Eicher Motors, UPL and Power Grid Corp fell around 1 percent.
Shares of Kalyan Jewelers India closed at Rs. 74.35 on the NSE, below its issue price of Rs 87 per share.
Those of Suryoday Small Finance Bank closed at Rs. 271.75 as against an issue price of Rs 305.
Shares of recently-listed Laxmi Organic Industries soared 14 percent.
Market Analysis
Sensex Rises 568 Points; Nifty Climbs Above 14,500
2021-03-26 11:15:11
