Sensex bounces back with 100 point gain to close at 57,715, Nifty stays above 17,000

After starting in the red due to volatility triggered by the SVB crash and Credit Suisse crisis in quick succession, Indian indices ended the day on a positive note with Sensex up 100 points at 57,715. Nifty also jumped 0.28 per cent to close above 17,000 points, as IT and metals continued to drag markets down.

Credit Suisse rescue sparks positivity

Credit Suisse also went up by 40 per cent after a relentless crash in stock prices on Wednesday, thanks to a $54 billion lifeline from the central bank.

The financial support for the Swiss bank is the first such move made to help out a major global lender.

FMCG sector stocks led the pack of gainers in India, while other Asian markets continued to slide.

How the day's trade unfolded

Traders were also anxious about stress in the banking sector, which kept a significant recovery at bay after a five-day decline for Indian markets.

Europe's Stoxx 600 also remained flat after a 1.6 per cent gain, driven by the European Central Bank's backing for Credit Suisse.

As Nestle, Hindustan Univlever and BPCL led the gains to help FMCG surged ahead, the metal sector was down with Hindalco, Tata Steel and JSW Steel at the bottom of the pile.