The S&P BSE Sensex rallied nearly 350 points reclaiming 34,000-mark in the afternoon trades on Friday as shares of heavyweight companies such as HDFC Bank and Reliance Industries surged heavily with stocks of Tata Steel and Bharti Airtel jumping up to 6%. Indian equities inched up substantially in the morning deals after opening up marginally higher after a nearly subdued activity in the last five days of the trading session. The benchmark Sensex surged 344.11 points to mark a day’s peak of 34,163.61 on Friday.
Shares of Tata Steel emerged as the top gainers among the Sensex components rising over 5%. The stock of Tata Steel spiked 5.82% to a day’s high of Rs 675 on BSE. A heavy trading volume was witnessed in the shares of Tata Steel, as at 1:50 pm, more than 1.4 crore shares exchanged hands on both NSE and BSE with about 1.36 crore shares on NSE alone. Other shares which also surged in today’s afternoon session include Sun Pharma, Bharti Airtel, Dr Reddy’s, Yes Bank, ONGC, NTPC, HDFC Bank, Reliance Industries, Axis Bank, Tata Motors, ICICI Bank, State Bank of India.
The heavyweight shares of companies such as HDFC Bank, Reliance Industries, Tata Steel, Sun Pharma, ICICI Bank, ITC, Yes Bank, Bharti Airtel, HDFC, Axis Bank and SBI contributed heavily to the Sensex gains. Collectively these 11 stocks alone added about 236 points out of the 296-point surge.
The broader Nifty 50 index too joined the jubilation. NSE Nifty advanced about 101.85 points to hit a day’s high of 10,484.55. An all-round buying was observed in Indian stock markets under diminished volatility. The volatility indicator of National Stock Exchange, India Vix was trading 5.2% down at 14.06. All the sectoral and broader market indices are trading in green with Nifty 200, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free, Nifty Small100 Free, Nifty Bank, Nifty Metal, Nifty Pharma, Nifty Private Bank indices leading the charge.
Among the ‘A’ group shares of BSE, stocks of JP Associates, Sun Pharma Advanced Research Company, Coromandel International, Radico Khaitan and TVS Motors rose up to 11% while the shares of Jubilant Lifesciences, Vakrangee, Siemens, IIFL, GAIL slumped 1-8% today.