Indian markets recovered on Friday after four straight sessions of massive losses, amid hopes of an economic boost after Prime Minister Narendra Modi announced a financial task force to deal with the damage caused by the coronavirus pandemic.
The BSE Sensex closed at 29,915, rising 1,627 points or 5.75%. During Friday’s session, the Sensex hit a high of 30,418.20 and a low of 27,932.67. The Nifty 50 was up 482 points, settling at 8,745.45.
On Thursday, the BSE Sensex had ended 581 points lower in a highly volatile session. During the week, the Sensex has fallen 4,187.52 points or 12.3%, while Nifty 50 has crashed 1,209.75 points or 12.2%. Both indices recorded their worst week since 2008, according to Reuters.
Oil and Natural Gas Corporation was the top gainer on Sensex on Friday, rising nearly 18%, followed by UltraTech Cement, Hindustan Unilever Limited and Reliance Industries Limited. HDFC Bank and IndusInd Bank were the only stocks to decline.
Bharti Infratel, ONGC, GAIL, Hindustan Unilever and UltraTech Cement were the top gainers on the Nifty 50, while the stocks that declined were HDFC Bank, Adani Ports, IndusInd Bank and Axis Bank.