Sensex Rises Over 500 Points, Nifty Reclaims 14,500 Led By Banking Shares

The overall market breadth was positive as 1,535 shares were advancing while 443 were declining on the BSE.

The Indian equity benchmarks rebounded strongly on Friday after facing intense selling pressure in the previous two sessions on the back of a broad-based buying interest. The Sensex rose over 500 points and the Nifty 50 index reclaimed its important psychological level of 14,500. After two days of steep declines the benchmarks went into oversold zone and staged a bounce back on account of short covering, analysts said. As of 9:16 am, the Sensex rose 0.9 per cent or 444 points to 48,884 and Nifty 50 index advanced 161 points or 1.12 per cent to 14,486. Overnight, dollar rallied to four-month highs and global equity benchmarks edged higher Thursday as investors looked past rising coronavirus cases in Europe and focused on signs that the US economy was rebounding from the pandemic faster than anticipated. On Wall Street, the Dow Jones Industrial Average rose 200.81 points, or 0.62 per cent, to 32,620.87, the S&P 500 gained 20.59 points, or 0.53 per cent, to 3,909.73 and the Nasdaq Composite added 15.79 points, or 0.12 per cent, to 12,977.68.