Tracking Wall St, key indices bounce back

Mkts shrug off inflation fears

- BSE Sensex rallied 899.62 pts or 1.53% to 59,808.97

- During the day, Sensex jumped 1,057.69 pts or 1.79% to 59,967.04

- NSE Nifty advanced 272.45 pts or 1.57% to 17,594.35

- PMI services expansion boosted sentiment

- Investors had several positive factors to cheer than to worry over inflation

- SBI, Airtel, RIL, ITC, Tata Steel, IndusInd Bank, HDFC Bank, Tata Motors, HDFC and Titan were gainers

- Tech M, UltraTech Cement, Nestle and Asian Paints among laggards

Mumbai: BSE Sensex jumped nearly 900 points and NSE Nifty rallied over 272 points on Friday, bouncing back from the previous day’s fall, following a positive trend in global equities and fresh foreign fund inflows. The BSE Sensex rallied 899.62 points or 1.53 per cent to end at 59,808.97 after starting the trade on a positive note. During the day, it jumped 1,057.69 points or 1.79 per cent to 59,967.04. The NSE Nifty advanced 272.45 points or 1.57 per cent to settle at 17,594.35.

“Markets posted a strong rebound on Friday and gained over one-and-a-half per cent, tracking supportive global cues. Today’s rebound can be attributed to the recovery in the US as we’re mirroring the global markets and we expect the same trend to continue,” said Ajit Mishra, V-P (technical research), Religare Broking Ltd.

“The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments. The sentiment was further lightened as FIIs turned in strong buyers,” said Vinod Nair, head (research) at Geojit Financial Services.

Foreign Portfolio Investors (FPIs) bought shares worth Rs12,770.81 crore on Thursday, according to exchange data.