Benchmark equity indices snapped the five-day losing streak to hit record highs on Friday following heavy buying at lower levels and a rally in large cap stocks like Infosys, Bharti Airtel and Reliance Industries.
The 30-share BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72
Benchmark equity indices snapped the five-day losing streak to hit record highs on Friday following heavy buying at lower levels and a rally in large cap stocks like Infosys, Bharti Airtel and Reliance Industries.
The BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72. It touched day’s high of 81,427.18, soaring 1,387.38 points or 1.73 per cent from Thursday closing level. The NSE Nifty gained 428.75 points or 1.76 per cent to settle at an all-time high of 24,834.85.
The broader market too ended in green-up more than 1 per cent. In the broader market, the BSE midcap gauge soared 2.12 per cent and smallcap index rallied 1 per cent.
Sensex and Nifty had been on a decline since Friday last. Sensex tumbled 1,303.66 points or 1.60 per cent, while the Nifty fell 394.75 points or 1.59 per cent in five consecutive days of losses to Thursday.
Except for Nestle, all the Sensex constituents closed in green on Friday.
Bharti Airtel was the biggest gainer, rising by over 4.51 per cent. Adani Ports, Sun Pharma, Tata Steel, HCL Technologies, Infosys, JSW Steel and Mahindra & Mahindra were among the major gainers. Nestle was the only loser, closing lower by 0.07 per cent.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd says Indian markets outperformed its global peers on the back of a strong across-the-board buying support after languishing in negative territory for the past five trading sessions.
“The sharp rebound signifies that India remains a good long-term bet and the economy continues to show strong resilience in spite of global uncertainty and geo-political tensions. Also, most of the blue chips and mid-cap companies have reported better earnings, which is providing a major impetus to markets,” he added.
Sectoral indices including telecom, metal, tech, auto, commodities and healthcare. As many as 2,652 stocks advanced while 1,286 declined and 102 remained unchanged on the BSE.
"This surge was fueled by improved sentiment following robust performances in IT and Metal stocks, as well as significant rollovers to the August series. Broader indices also reflected this strength, showing substantial gains," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
On the weekly basis, the Sensex gained 728.07 points or 0.90 per cent and the Nifty rose 303.95 points or 1.23 per cent.
In Asian markets, Seoul, Shanghai and Hong Kong settled higher while Tokyo ended lower. European markets were also trading in positive territory. The US markets ended mostly lower on Thursday.
Global oil benchmark Brent crude declined 0.40 per cent to USD 82.04 a barrel.
According to exchange data, foreign institutional investors (FIIs) offloaded equities worth Rs 2,605.49 crore on Thursday.
After a sharp fall in intra-day trade on Thursday, the BSE benchmark managed to recover some of the lost ground to settle 109.08 points or 0.14 per cent lower at 80,039.80.
The NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10.
(With inputs from PTI)