Driven by value-buying, mostly stocks in auto and banking sector with better than expected Monsoon, country's benchmark BSE Sensex on Friday surged by 200 points to 27,316.17, the sixth straight rise in the week.
Also, the market sentiment helped support the upside of the rupee, thereby strengthening by 18 paise against dollar on Friday. "India has got better than expected monsoon, CPI numbers and increase in MSP," said Vinod Nair, Head-Fundamental Research of Geojit BNP Paribas Financial Services.
Meanwhile, despite rains, both BSE and the NSE witnessed normal trading. "As the BSE volumes were normal on Friday, markets functioned well despite low attendance in broker offices in Mumbai due to pan-Indian nature of BSE market," said a market expert.
National Stock Exchange's spokesperson said, "Trading happened normally at NSE on Friday. Volume in some segment was higher than this month's average." Meanwhile, driven by market rally, the market valuation of listed companies at BSE regained the Rs 100 lakh crore-mark.
Besides, Geojit's Head of Research Alex Mathews said the rise was by driven "selective buying ahead of the F&O expiry helped the market to recover."
Rising for the sixth straight day, the 30-share index opened higher and gathered momentum on continued buying to touch high of 27,404.60.
It gave up some gains at the fag-end on profit-booking, settling higher by 200.34 points or 0.74 per cent higher at 27,316.17. The 50-share Nifty breached the 8,200-mark by surging 50.35 points or 0.62 per cent to close at 8,224.95. On weekly basis, Sensex and Nifty has gone up by 890.83 points and 242.05 points, respectively, snapping their three-week losing streak.