Sensex snaps 7-day losing run, soars 1328 points on bargain buying

Mumbai (Maharashtra) [India], February 25 : The Indian stock markets witnessed smart recovery on Friday with benchmark Sensex closing 1328 points higher, snapping 7 days of losing run, as retail investors rushed to bargain buying at lower level.
A day after crashing by over 2,700 points, the 30 stock S&P BSE Sensex opened on a positive note at 55,321.72 points on Friday.
The Sensex closed at 55,858.52 points, which is 1328.61 points or 2.44 per cent higher from its previous day's close at 54,529.91 points. The Sensex surged to a high of 56,183.70 points in the intra-day, which is 1,653.79 points higher from its previous day's close.
The Sensex has closed in the positive for the first time in the last eight trading sessions.
The Sensex had crashed 2702.15 points or 4.72 per cent on Thursday after Russian President Vladimir Putin authorised military troops to carry out attacks against Ukraine.
The broader Nifty 50 of the National Stock Exchange, which had dipped 815.30 points or 4.78 per cent on Thursday, closed 410.45 points or 2.53 per cent higher at 16,658.40 points.
The Nifty opened with good gains at 16,515.65 points and surged to a high of 16,748.80 points and a low of 16,478.30 points in the intra-day.
There was broad-based buying support. Only two of the 30 scrips that are part of the Sensex closed in the red.
Tata Steel soared 6.54 per cent to Rs 1145.20. IndusInd Bank surged 5.83 per cent to Rs 926.90. Bajaj Finance surged 5.16 per cent to Rs 6968. These stocks were among the worst-hit on Thursday. Investors rushed to bargain buying at lower level.
NTPC 4.91 per cent higher at Rs 130.30; Tech Mahindra 4.26 per cent higher at Rs 1389.50; Kotak Bank 3.76 per cent higher at Rs 1861.25; Axis Bank 3.76 per cent higher at Rs 758.15; TCS 3.45 per cent higher at Rs 3519.70 and Bajaj Finserv 3.45 per cent higher at Rs 15771.65 were among the major Sensex gainers.
FMCG giants Nestle India and Hindustan Unilever closed marginally down.