Domestic stock staged their biggest recovery on Friday. The Sensex ended 1,325.34 points or 4.04 percent higher at 34,103.48, while the NSE Nifty added 433.50 points or 4.52 percent to end at 10,023.65. The indexes had plunged more than 10 percent each earlier in the day, triggering a 'circuit breaker' for the first time in 12 years as panic over the coronavirus pandemic gripped global markets. The indexes swung wildly after trading resumed at 10:20 am following a 45 minute halt.

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According to market mavens, fears of a global recession spiked, triggering a manic selloff in world stocks.

"Market is concerned about the adverse economic impact of government lock-downs across the world to contain Covid-19. Bottom-fishing at hammered valuations helped market recover from the day's lows," they added.

The Nifty MidCap 100 index, meanwhile, advanced 2.56 percent on Friday. The banking gauge- Nifty Bank - surged 1,195 points or 4.99 percent, with Bank of Baroda and State Bank of India (SBI) being the top gainers.

Among stocks, SBI, Tata Steel, HDFC, Sun Pharma, and BPCL were the top gainers on the Nifty50 index, while UPL, Zee, Asian Paints, Britannia and Nestle led the losses. HDFC, HDFC Bank and ICICI Bank contributed the most to the gains on the Sensex.

Ten out of the 11 sectoral indices on the National Stock Exchange (NSE) settled higher, with the Nifty PSU bank index ending 11.73 percent higher. The Nifty Financial Services index closed 6.23 percent higher.

The rupee, which earlier fell to a record low of 74.5075 against the dollar also reversed losses to trade about 0.4 percent stronger at 73.99.

Market breadth favoured advances, with 1,245 stocks settling higher and 1,142 ending lower on the BSE. On the NSE, 987 stocks advanced while 838 declined.

(With inputs from Reuters)

First Published:Mar 13, 2020 3:35 PM IST