Sensex Bounces 0.70%, Weekly Markets Dip 2% Despite Friday’s Surge

Sensex Bounces 0.70%, Weekly Markets Dip 2% Despite Friday's Surge

Sensex and Nifty, after a three-day crash, saw a mild recovery, with the benchmark BSE index rising by over 500 points.

Sensex and Nifty showed gradual recovery after crashing for three continuous day, with BSE Sensex closing at 71,728 points and NSE Nifty closing at 21,634 points on Friday, January 19.

With things going uphill for the Indian stock market after a bloodbath on Dalal Street this week, Sensex recorded a spike of 541 points on Friday, while the NSE Nifty index was up by 176 points.

After a massive crash, Nifty Bank also saw a marginal recovery as Friday’s trading session closed, seeing a spike of 28 points. Nifty Bank on January 19 closed at 45,742 points at 3:30 pm. Sensex finally broke its three-day losing streak on Friday after climbing over 600 points when the markets opened in the morning, eventually falling from its intraday high as market approached the closing bell.

Bharti Airtel and ONGC were the top gainers on the Indian stock market today, as major bank shares remained subdued today. Airtel saw a spike of 3.49 percent, closing with a share price of ₹1122 on Friday. Meanwhile, ONGC recorded a share price hike of 3.65 percent, closing at ₹242 today.

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Meanwhile, the top laggards of the day were Motions Jewellers and Zee Entertainment, falling by over 8 percent and 7 percent, respectively. Not only Sensex, but markets in Asia seemed to advance well on Friday after Wall Street recouped most of the week’s earlier losses and Japan reported slowing inflation, which may keep its ultra-low interest rates steady.

Despite seeing a 0.70 percent rise in Sensex on Friday, the markets continued to remain low for the overall week, crashing by 2 percent as compared to the previous week’s close.IT firms lead Sensex, Nifty recovery Sensex and Nifty recovered after falling for three straight days with top IT and tech firms like Tech Mahindra and Bharti Airtel rallying on the stock market on Friday.

The top gainers on the stock market were Bharti Airtel, ONCG, NTPC, Tech Mahindra and SBI Life Insurance, all recording a spike of over 2.5 percent today. Even on the international markets, Big Tech stocks led the way, including Apple, which rose 3.3 per cent to flip its loss for the week so far into a gain. It is expected that after its steep fall this week, the Indian stock markets are set to recover from next week.

Shrabani Sarkar

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