By Rama Venkat
BENGALURU (Reuters) -Indian shares rose about 3% on Friday, a day after Russia’s attack on Ukraine pushed them to their biggest fall in over a year, as investors brushed off broader risks stemming from the geopolitical crisis.
The blue-chip NSE Nifty 50 index gained 3.01% to 16,736.30 by 0527 GMT, with most of its major sub-indexes trading higher. The S&P BSE Sensex was up 2.98% at 56,163.54.
Both the indexes, however, were set to post their third straight weekly loss.
“Equity markets right now are of the view that no other country would interfere in the war as such, physically. So, the (Russia-Ukraine) crisis may be over by the weekend and that is what the market is pricing in,” said Neeraj Dewan, director at Quantum Securities.
As of now, the sanctions on Russia do not cover oil and gas trade, so that is also a positive for emerging markets like India, Dewan said.
Meanwhile, the Indian central bank’s minutes from its February meeting showed that some loss of momentum in India’s economic growth due to a third COVID-19 wave and inflation on a downward trend made the monetary policy committee retain its policy rate and stance.
Among individual shares and sectors, the Nifty public sector banking index and the Nifty Realty index were the top gainers, rising 5.8% and 5.2%, respectively.
Apollo Hospitals Enterprise rose as much as 7.5% after the National Stock Exchange said https://bit.ly/351mXyz it would be added in the Nifty 50 index from March 31, replacing Indian Oil Corp.
Broader Asian markets tracked overnight gains in U.S. stocks, in a market reversal after President Joe Biden unveiled harsh new sanctions against Russia. [MKTS/GLOB]
(Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)
