The two key equity benchmarks, Sensex and Nifty, ended higher on Friday amid buying across all sectors, except pharma. The market picked up pace mostly the second half of the session following a broad-based rally. The S&P BSE Sensex surged 556 points to close at 65,387. On the other hand, the Nifty50, settled at 19,435, up 182 points.
On the 30-share Sensex platform, NTPC, JSW Steel, Tata Steel, Maruti, PowerGrid, IndusInd Bank were among the gainers. On the downside, UltraCemco, Sun Pharma, Nestle, L&T were the only losers.
In the broader markets, the BSE Midcap and Smallcap indices gained 0.7 per cent each.
Sectorwise, barring pharma, all other sectoral indices ended in the green with power, metal, auto, oil & gas and bank up 1-2.7 per cent.
In the previous session on Thursday, the S&P BSE Sensex closed at 64,831, down 256 points, while the NSE Nifty ended at 19,254, down 94 points.
Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data." This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks, Nair added.
Official data released on Thursday showed that the Indian economy grew 7.8 per cent in the June quarter, mainly on the back of double-digit expansion in the services sector, and retained its position as the world's fastest-growing major economy.
In Europe, Britain's FTSE 100 rose 0.5 per cent, France's CAC 40 edged up nearly 0.1 per cent while Germany's DAX was little changed. Gains in US futures supported the positive sentiment. Dow futures was up 0.3 per cent and S&P 500 futures rose 0.2 per cent. Among Asian markets, Japan's benchmark Nikkei 225 rose 0.3 per cent, South Korea's Kospi added 0.3 per cent and the Shanghai Composite added 0.4 per cent.
Global oil price benchmark Brend Crude futures surged 1.26 per cent to $87.92 per barrel.
On Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 2,973.10 crore, as per exchange data.
Meanwhile, the rupee ended on a flat note at 82.70 (provisional) against the US dollar on Friday as surging crude oil prices dented the investor sentiment. According to a survey released on Friday, manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years.
At the interbank foreign exchange, the domestic unit opened at 82.58 and touched the lowest level of 82.76 during intra-day trade. The Indian currency finally settled flat at Thursday's closing level of 82.70 (provisional) against the greenback.