Sensex recovers from morning crash; M&M zooms by 7 per cent

Tracking losses from global markets, domestic benchmark indices Sensex and Nifty opened in the red zone on Friday. However, the indices later erased the losses of the morning's trading session as Sensex gained by 242.52 points or 0.72 per cent to close at 33,780.89 while Nifty increased by 70.90 points or 0.72 per cent to settle at 9,972.90.

On Thursday, a huge sell-off on Wall Street was seen owing to the worries about the pace of economic recovery from lockdowns. Additionally, crude oil prices witnessed a drop over the increasing concerns of resurgence of COVID-19 cases that could further pose as obstacles in the recovery of global economy. As a result, Asian indices witnessed a fall as Shanghai, Nikkei, Hang Seng and KOSPI declined by 0.040 per cent, 0.75 per cent, 0.73 per cent and 2.04 per cent. On the contrary, brushing off the volatility in the markets caused due to US Fed's statement, European indices such as FTSE 100, DAX and CAC 40 were seen trading higher in green up by 1 per cent, 1.43 per cent and 2.26 per cent respectively, on hopes of more stimulus boosts.

The markets witnessed a steep recovery in the afternoon session as 17 out of 30 stocks advanced in the Sensex basket. Sensex gainers comprised Mahindra & Mahindra up by 7.22 per cent, Bajaj Finance gaining by 4.78 per cent, Hero MotoCorp increasing by 4 per cent, RIL rising by 3.34 per cent, Titan which went up by 2.81 per cent, Bajaj Auto rallying by 2.43 per cent, Maruti increasing by 2.35 per cent etc.

Sensex losers included ONGC declining by 3.39 per cent, Tech Mahindra which fell by 2.91 per cent, Power Grid decreasing by 2.25 per cent, Infosys reducing by 1.63 per cent, Kotak Mahindra Bank which fell by 1.47 per cent, TCS dipping by 1.41 per cent, Axis Bank which fell by 1.34 per cent, etc.

Amongst BSE sectoral indices, auto is the biggest gainer, up by 2.91 per cent followed by energy index and telecom index increasing by 2.40 per cent and 2.29 per cent respectively. BSE IT index was the biggest loser declining by 1.49 per cent. At a broad level, small-cap and mid-cap indices gained by 0.13 per cent and 0.96 per cent respectively.