The Sensex and Nifty recovered more than 2% in early trade on Friday, following higher Asian indices as investors assessed the long-term implications of the Ukraine conflict.

In early trade, the BSE Sensex rose 1,140.58 points, or 2.09%, to 55,670.49, while the NSE Nifty gained 344.10 points, or 2.12%, to 16,592.05.

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On the Sensex, IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj FinServ, and SBI were the biggest gainers, increasing up to 6%.

The Sensex fell almost 2,700 points on Thursday, its worst single-day drop in about two years, while the Nifty fell 815 points. The bloodbath on Dalal Street wiped out approximately Rs 13 lakh crore in investor wealth.

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The share price of Apollo Hospitals Enterprise increased on February 25 when the National Stock Exchange (NSE) announced that the stock would be included in the benchmark Nifty 50 index beginning March 31. Apollo Hospitals will be the first healthcare services company to be included in the benchmark index, taking the place of Indian Oil Corporation.

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Concerned by the Ukraine situation, foreign institutional investors sold shares worth Rs 6,448.24 crore in Indian capital markets on Thursday, according to exchange data.

Asian stocks rose on Friday, led by a recovery in US equities following the announcement of more sanctions against Russia for its actions in Ukraine.

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Meanwhile, the United States, the European Union, and Japan are banding together to help Ukraine and have agreed on the second round of economic and financial sanctions on Russia.

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Oil prices increased further on Friday, fueled by concerns about supply interruptions after Russia’s invasion of Ukraine. Brent crude prices were up 2% to USD 101.20 per barrel. In early trade, the rupee climbs 32 paise to 75.28 against the US dollar.