Equities staged a sharp pullback rally on Friday to recover from a 20-month low as the benchmark BSE Sensex surged over 473 points to 24,435.66, tracking gains in global markets on hopes of a fresh stimulus from the euro zone and rebound in oil prices.
Sentiment got a boost from the rupee, which rebounded from 29-month lows. It strengthened by 36 paise to 67.66 against the dollar (intra-day) at the forex market.
However, on a weekly basis, the BSE Sensex fell marginally by 19.38 points or 0.07% while the broader NSE Nifty shed 15.35 points or 0.20%, third in a row.
Global cues were largely positive after a hint of more monetary stimulus by the European Central Bank (ECB) to help struggling eurozone economy and crude prices rebounding from over 12-year lows to trade above $30 a barrel.
In the international market, Brent crude rose $1.52, or 5.2%, to $30.77 a barrel.
The 30-share Sensex started off strong by opening above the 24,000-mark at 24,122.06 and continued its march to touch day’s high of 24,472.88 before ending 473.45 points or 1.98%, its biggest single-day gains since October 5, at 24,435.66.
The gauge had lost 517.63 points in previous two sessions.
The 50-issue NSE Nifty, after reclaiming 7,400, advanced to hit a high of 7,433.40 points, finally settling 145.65 points or 2% higher at 7,422.45.
GAIL was the biggest BSE gainer with a rise of 7.99%, followed by Maruti Suzuki at 5.53%.
Other major gainers were Tata Steel, Hero MotoCorp, M&M, SBI, Coal India, Dr Reddy’s, ONGC, NTPC, Axis Bank, L&T, Asian Paints, Tata Motors, ICICI Bank, BHEL, Bajaj Auto, Sun Pharma and RIL.
Overall, 26 counters from the 30-scrip index gained, while laggards included Bharti Airtel, HUL, Wipro and Infosys.
The broader markets too perked up with the small-cap index rising 2.25% and mid-cap gaining 1.90%.
Sectorally, metal index gained the most at 4.32%, followed by auto 3.65%, PSU 3.48%, infra 3.00%, oil&gas 2.95, banking 2.81%, capital goods 2.66% and healthcare 2.45%.
Globally, Japan’s Nikkei rallied 5.88%, Shanghai Composite index ended 1.25% higher, while Hong Kong’s Hang Seng index surged 2.90%. European shares too were in the green in their early trade.