Stock Market: Sensex Surges 1,534 Points, Nifty Tops 16,250 Tracking Positive Global Cues

Stock update: Dr Reddy’s was up 8.10 per cent, followed by JSW, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying 3.5 per cent each

In the broader markets, midcap and smallcap shares finished on a strong note as Nifty midcap 100 rose 2.20 per cent and smallcap gained 2.51 per cent.

New Delhi: The bulls are back on Dalal Street.

Sensex and Nifty, the two key equity benchmarks, on Friday rebounded sharply tracking gains across global markets.

The 30-share BSE Sensex soared 1,534 points (2.91 per cent) to close at 54,326, while the broader NSE Nifty moved 457 points (2.89 per cent) up to end at 16,266.

Gains were across the board with all 30 Sensex constituents, and 48 of the 50 Nifty constituents closing the day in the positive zone.

Dr Reddy’s Labs was up 8.10 per cent, followed by JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each.

On the flipside, only UPL and Shree Cement were in the red, down up to 0.8 per cent.

In the broader markets, midcap and smallcap shares finished on a strong note as Nifty midcap 100 rose 2.20 per cent and smallcap gained 2.51 per cent.

On NSE, all of the 15 sector gauges settled in the green. Sub-indexes Nifty Metal and Nifty Pharma outperformed the index by rising as much as 4.20 per cent and 3.69 per cent, respectively.

On the BSE, the overall market breadth stood positive as 2,497 shares advanced while 777 declined.

In the previous session on Thursday, the BSE benchmark had dived 1,416 points (2.61 per cent) to settle at 52,792 on Thursday, while the NSE Nifty declined 430 points (2.65 per cent) to end at 15,809.

In the global markets, Europe were higher on Friday with the pan-European Stoxx 600 adding 1.2 per cent.

On Wall Street, US stock futures rose even as traders watched to see if the S&P 500 will tumble into bear market territory. Futures tied to the Dow Jones Industrial Average advanced 330 points, or 1.05 per cent. S&P 500 futures traded about 1.2 per cent higher, while Nasdaq 100 futures gained 1.65 per cent.

In Asia, Nikkei gained 1.27 per cent; Kospi 1.8 per cent; and Hang Seng 3 per cent.

International oil benchmark Brent crude dipped 0.11 per cent to $111.9 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 4,899.92 crore on Thursday, as per stock exchange data.