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The Supreme Court on Friday asked the Centre to make its stand clear on whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not.

The 30-share pack Sensex rallied 1,328.61 points or 2.44 per cent to 55,858.52. Its broader peer, Nifty50, surged 410.45 points or 2.53 per cent to 16,658.40.

She said human welfare needs a conducive environment without any disruptions or disturbances to make the post-pandemic economic recovery sustainable.

Resolution professional Saurabh Kumar Tikmani, backed by KPMG, received 11 expressions of interest in all. Twin Star Tech, an investment vehicle of Vedanta promoter Anil Agarwal and iLab India Special Situation Fund submitted an EoI each, people said.

Crude traded between $98 and $102 per barrel in international markets during the day.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meets on March 2 to decide whether to increase output by 400,000 barrels per day (bpd) in April. OPEC+ was formed in 2016 to coordinate output cuts it is now unwinded which were put in place to address an earlier glut and then weakened demand during the pandemic.

The Sensex ended 1,328.61 points or 2.4% up at 55,858.52 and the Nifty closed 410.45 points or 2.5% higher at 16,658.40. With this bounce, both indices snapped their seven-day losing run but market participants are not sure if the newfound strength will continue. The Sensex had dropped 4.7% and the Nifty fell 4.8% on Thursday.

Markets regulator Sebi has proposed allowing foreign portfolio investors (FPIs) to participate in the exchange-traded commodity derivatives market. In its consultation paper, the regulator has suggested that FPIs should be allowed to trade in all non-agricultural commodity derivatives and a few selected broad agricultural commodity derivatives, to begin with.

Crude and refined oil products from Russia, Azerbaijan and Kazakhstan pass through export terminals on the sea’s eastern edge. On the west lie countries that depend on ships hauling crude to meet their energy needs. Known as one of the world’s breadbaskets, the region supplies tens of millions of tons of grain and vegetable oils annually from its ports.

Markets globally witnessed carnage this week owing to the war-like situation and geopolitical tensions between Russia and Ukraine. Our frontline indices not being immune to these global jitters faced a similar atrocity. This led to a 3.58% decline for the week and as fears intensified, India VIX touched its highest level since June 2020.