Sensex rallies 307 pts; SBI soars over 7 pc post Q4 show

Equity benchmark Sensex rallied 307 points on Friday, propelled by gains in index-heavyweights HDFC Bank, ICICI Bank and SBI.

After hitting a high of 34,405.43, 30-share index settled 306.54 points or 0.90 per cent higher at 34,287.24.

Similarly, NSE Nifty rose 113.05 points or 1.13 per cent to 10,142.15.

State Bank of India (SBI) was top gainer in Sensex pack, surging around 8 per cent, after country's largest lender reported an over four-fold jump in standalone net profit at Rs 3,580.81 crore for March quarter.

Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with firm gains.

On or hand, TCS, HUL, Bajaj Auto and Infosys were among laggards.

Reliance Industries (RIL) succumbed to profit-booking, ending flat after touching its one-year high in intra-day tre. company anunced sale of 1.85 per cent stake in its digital unit Jio Platforms to Abu Dhabi-based sovereign investor Mubala for Rs 9,093.60 crore.

According to trers, besides stock-specific action, persistent foreign fund inflows and positive cues from global markets led to bullish sentiment here.

On a net basis, foreign portfolio investors bought equities worth Rs 2,905.04 crore on Thursday, provisional exchange data showed.

" current week has been a good one for global markets as major frontline markets posted a strong rally," said Sanjeev Zarbe, VP PCG Research, Kotak Securities.

rally has been driven by positive sentiment generated from grual lifting of lockdown across ecomies, despite weak ecomic reings and civil unrest in US, he said.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains.

Stock exchanges Europe too opened up to 2 per cent higher.

International oil benchmark Brent crude futures rose 2.73 per cent to USD 41.08 per barrel.

On currency front, rupee closed flat at 75.58 against US dollar.