Stock markets recover after 3 days of loss; ICICI, Airtel major movers

Benchmark Sensex rebounded 496 points while Nifty closed above the 21,600 level on Friday as buying in heavyweight stocks and a firm trend in global markets helped indices cut short three days of losses.

The 30-share BSE Sensex jumped 496.37 points or 0.70 per cent to settle at 71,683.23. During the day, it zoomed 708.78 points or 0.99 per cent to 71,895.64.

The Nifty climbed 160.15 points or 0.75 per cent to close at 21,622.40.

In the past three days, the BSE benchmark fell by 2.91 per cent, and the Nifty declined 2.87 per cent.

Among the Sensex firms, Bharti Airtel, NTPC, Tech Mahindra, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel and Larsen & Toubro were the major gainers.

IndusInd Bank, Kotak Mahindra Bank, HDFC Bank and State Bank of India were the laggards.

In Asian markets, Seoul, and Tokyo settled in the green while Shanghai and Hong Kong ended lower.

European markets were trading higher. The US markets ended with gains on Thursday.

The BSE benchmark fell by 313.90 points, or 0.44 per cent, to settle at 71,186.86 on Thursday. The Nifty declined 109.70 points, or 0.51 per cent, to 21,462.25.

Global oil benchmark Brent crude climbed 0.63 per cent to $79.60 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,901.56 crore on Thursday, according to exchange data.

Rupee gains 7 paise

The rupee gained 7 paise to settle at 83.06 (provisional) against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas.

However, strengthening crude oil prices and foreign capital outflows capped the sharp gain in the domestic currency, forex traders said.

At the interbank foreign exchange, the domestic currency opened at 83.15 and traded between the peak of 83.06 and the lowest level of 83.16 against the greenback.

The local unit finally settled at 83.06 (provisional) against the dollar, registering a gain of 7 paise against its previous close.

On Thursday, the rupee settled 1 paisa higher at 83.13 against the US dollar.

The rupee appreciated following a positive trend in domestic markets and softness in the US dollar, Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, said.

"However, recovery in crude oil prices and FII outflows over the past couple of sessions capped sharp gains."

He said the rupee is likely to trade with a slight positive bias on positive global equities and a weak US dollar.

"USD-INR spot price is expected to trade in a range of Rs 82.80 to Rs 83.50," Choudhary added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent lower at 103.13 on Friday.

Analysts attributed the lower dollar index to the US macroeconomic data, which showed steady growth in the world's largest economy, dashing financial markets' hope of an immediate interest rate cut by the Federal Reserve.

Brent crude futures, the global oil benchmark, climbed 0.63 per cent to $79.60 a barrel.

Oil bullish

Crude oil prices on Friday increased Rs 16 to Rs 6,173 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for February delivery traded higher by Rs 16, or 0.26 per cent, at Rs 6,173 per barrel in 12,064 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up by 0.22 per cent to USD 74.24 per barrel, and Brent crude climbed 0.63 per cent to $79.60 a barre