Sensex, Nifty rebound tracking recovery in global peers

BSE Sensex climbed 1,328.61 points, while the NSE Nifty soared 410.45 points

A day after suffering their worst session in about two years, benchmark indices Sensex and Nifty rebounded up to 2.5% on Friday, in line with higher global markets as the U.S. and allies put up a united front to punish Russia with harsher sanctions over the Ukraine conflict.

Snapping their seven-day losing streak, the BSE Sensex climbed 1,328.61 points or 2.44% to settle at 55,858.52, while the NSE Nifty soared 410.45 points or 2.53% to 16,658.40.

Barring HUL and Nestle, all Sensex shares closed with gains — with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra surging as much as 6.54%.

On Thursday, the Sensex had crashed over 2,700 points — its biggest single-day plunge in about two years; and the Nifty had nosedived 815 points.

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth a net र6,448.24 crore in the Indian capital markets on Thursday, exchange data showed.

Asian shares edged significantly higher on Friday, driven by a U.S. rebound, as more sanctions were announced against Russia for its military actions in Ukraine.

Meanwhile, the U.S., EU and Japan have vowed to support Ukraine and agreed on a second tranche of economic and financial sanctions on Russia.