Indian equity benchmark indices snapped their 7-day losing streak and opened gap-up on Friday with Nifty above 16,500 after a sharp pullback in the US and Asian markets in the morning supported the market sentiment.

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At 09:16 am, the Sensex was up 963.28 points or 1.77 percent at 55,493.19, and the Nifty was up 289.80 points or 1.78 percent at 16,537.80. About 1,544 shares have advanced, 611 shares declined, and 68 shares are unchanged.

The Nifty began the March F&O on a positive note after it finished February with a cut of 862 points or five percent.

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IndusInd Bank, Tata Steel, M&M, Bajaj Finserv, ICICI Bank, Axis Bank, Ultratech Cement, Wipro, Bajaj Finance and SBI were the top gainers, trading up to 4 percent higher among the Sensex-30 shares. All Sensex shares were in green.

Tata Motors, UPL and Adani Ports were the top additional gainers on the Nifty, rallying between 3-6 percent.

The broader markets outperformed the benchmarks. The BSE MidCap and SmallCap indices were trading up to 3 percent higher while the Sensex and Nifty were up 1.7 percent each.

Among sectoral indices, the Nifty PSB index traded up 5 percent, while Realty was up 4.5 percent. Nifty Bank, Auto, IT, Metals, were up 2.5-3.5 percent.

The India VIX index cooled off by 15 percent after it hit a 52-week high in the previous session.

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth Rs 6,448.24 crore in the Indian capital markets on Thursday, exchange data showed. Asian shares were higher on Friday, driven by a rebound in US equities as more sanctions were announced against Russia for its actions in Ukraine.

“Although ongoing geopolitical tensions between Russia-Ukraine can hurt Asia through multiple channels, such as tighter global financial conditions, elevated uncertainty and the risk of weaker global demand, higher commodity prices are the most important transmission channel,” said Sonal Verma of Nomura.

Oil prices jumped nearly 3 percent on Friday as markets brace for the potential impact of trade sanctions on major crude exporter Russia.

Dan Fineman, Credit Suisse said, "Our global strategist believes that the main significance of the Ukraine crisis is the impact on oil prices. We think that Asia can prove more resilient than other regions despite the risk to oil. Although Asia is a net importer of oil, crude pricing has historically had little impact on currencies, economies and equities."

"Our main worry regards second-round impacts on global growth. High oil import bills and inflation make the Philippines and India the most sensitive markets. We keep our overweight in India on expected EPS & GDP upgrades," Fineman added.

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First Published:Feb 25, 2022 10:00 AM IST