Mumbai, March 20 The benchmark indices Sensex and Nifty recovered much of their intraday gains to end nearly 0.5 per cent higher on Friday, following intense buying in public sector banks, IT, and metal stocks amid concerns over further spikes in fuel-driven inflation.
In another volatile session, the 30-share BSE Sensex rose by 325.72 points or 0.44 per cent to close at 74,532.96. During the day, it jumped by 1,079.15 points, or 1.45 per cent, to 75,286.39.
The 50-share NSE Nifty edged higher by 112.35 points, or 0.49 per cent, to close at 23,114.50. Intra-day, it rose by 343 points, or 1.49 per cent, to 23,345.15.
Among the 30 Sensex companies, Tata Steel, Tech Mahindra, Infosys, Trent, Reliance Industries, Titan, NTPC, and Sun Pharma were among the major gainers.
HDFC Bank, Bharat Electronics, Kotak Mahindra Bank, and ICICI Bank were among the laggards.
Meanwhile, the price of premium petrol was increased by Rs 2 per litre, and the rate of bulk diesel sold to industrial users was hiked by about Rs 22 per litre, reflecting the rise in global oil prices amid the conflict in West Asia.
"Positive comments aimed at de-escalating the conflict and avoiding attacks on oil and gas infrastructure led to a moderate rebound during the day. However, investor sentiment remains fragile, with gains tapering off as participants remain reluctant to hold positions over the weekend amid war-related uncertainties," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, jumped by 1.88 per cent to USD 110.7 per barrel.
"Indian equities witnessed a relief-driven rebound, primarily driven by short-covering after a sharp build-up of bearish positions in the previous sessions," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
In Asian markets, South Korea's benchmark Kospi ended higher, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled lower. Markets in Japan were closed due to a holiday.
Equity markets in Europe were trading higher.
The US market ended in negative territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,558.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,863.96 crore.
On Thursday, the Sensex plunged by 2,496.89 points or 3.26 per cent -- its biggest single-day plunge since June 2024 -- to close at 74,207.24. The Nifty tumbled by 775.65 points, or 3.26 per cent, to end at 23,002.15.