Market benchmark Sensex jumped by 279 points on Friday, amid fluctuations in crude oil prices and talk of economic turnaround. The BSE Sensex opened higher at 24,360.36 and shot up further to 24,672.90 before ending at 24,616.97, showing a gain of 278.54 points or 1.14 per cent.
“We are seeing signs of sharp improvement in global sentiment with a fall in the dollar index, highlighting a chance of change in preference to risky assets like EMs,” said Vinod Nair Head of Fundamental Research, Geojit BNP Paribas.
On Friday, all the sectoral indexes ended in green with the shares of metal, healthcare and banking recording gains. The index had jumped by 115.11 points on Thursday.
The 50-share NSE Nifty after testing the 7,500-mark to hit a high of 7,503.15, ended 85.10 points or 1.15 per cent higher at 7,489.10.
Shares of drug major lupin was the top gainer among Sensex constituents with a gain 9.04 per cent at Rs 1,801.45 despite reporting 11.91 per cent decline in consolidated net profit.
Reliance Infrastructure and other group companies surged by as much as 7 per cent after RInfra sold its cement business arm to Birla Corporation for Rs 4,800 crore, a deal that will help Anil Ambani-led Group lower its debt burden.
Overseas, Asian and European stocks showed a mixed trend amid reduced expectations of further interest rate increases from the US Federal Reserve this year.
Japanese stocks fell by 1.32 per cent after the yen strengthened against the dollar. Key indexes in China and Taiwan moved down by 0.63 per cent to 0.84 per cent while Hong Kong, Singapore and South Korea firmed up by 0.08 per cent to 2.53 per cent.