Markets stage comeback, sensex climbs 835 points

NEW DELHI: Snapping its six-day losing streak, equity indices finished higher on Friday with the benchmark BSE sensex rising over 800 points led by gains in IT, auto and banking stocks.
The 30-share BSE index surged 835 points or 2.28 per cent to close at 37,388.66; while the broader NSE Nifty settled 245 points or 2.26 per cent higher at 11,050.
Top gainers in the sensex pack included Bajaj FinServ, HCL Tech, Bharti Airtel, IndusInd Bank, LT, TCS and ICICI Bank with their shares rising as much as 6.64 per cent. All stocks finished in green.
On the NSE platform, sub-indices Nifty IT, Media, Auto and PSU Banks gained up to 3.46 per cent.
According to brokers, a firm trend in Asia accelerated buying activity in the domestic market. Broader Asian peers rose after an overnight tech-led rally in US stocks, on hopes of economic stimulus from the United States.
“We feel this is just a relief rally and (its) sustainability will be difficult as the banking index still looks weak,” Ajit Mishra, vice president, research at Religare Broking told news agency Reuters.
On the currency front, rupee strengthened by 28 paise to settle at 73.61 (provisional) against the US dollar, as gains in domestic equities buoyed investor sentiment.
Meanwhile, foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,885.69 crore on Thursday, exchange data showed.
(With agency inputs)

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