Domestic stock markets registered sharp gains on Friday backed by strong buying interest in financial stocks and heavyweight Reliance Industries. The S&P BSE Sensex climbed up as much as 1.87 per cent - or 640.32 points - to touch 34,848.37 during the session, whereas the broader NSE Nifty 50 jumped to as high as 10,272.40. Reliance Industries soared as much as 8 per cent to clock a new record high, after the conglomerate said it became net debt-free months ahead of its target of March 2021.
The Sensex ended 523.68 points - or 1.53 per cent - higher at 34,731.73, and the Nifty settled at 10,244.40, up 152.75 points - or 1.51 per cent - from its previous close.
Reliance Industries' market capitalisation - or market value - crossed the Rs 11 lakh crore mark for the first time ever after the company said it achieved its target of becoming net debt-free months before schedule. Reliance Industries was the top boost for the Sensex, as shares in the oil-to-telecom conglomerate alone accounted for a gain of more than 300 points in the benchmark index.
Besides Reliance Industries, Bajaj Finserv, Bajaj Finance, Tata Motors and Bharti Infratel, ending between 4.99 per cent and 9.17 per cent higher, were the top percentage gainers in the Nifty, as 33 stocks in the 50-scrip basket moved higher.
On the other hand, IndusInd Bank, Mahindra & Mahindra, Vedanta, HCL Tech and ITC - closing between 1.13 per cent and 2.20 per cent lower - were the top Nifty losers.
Market breadth was highly positive with an advance-decline ratio above 2:1, as 1,780 stocks on the BSE rose against 869 that fell.
"In case, hopes of a V-shaped recovery in earnings growth in the second half of fiscal year 2020-21 does not materialize, the market can face a steep correction," said Ajay Bodke, CEO and chief portfolio manager (PMS), Prabhudas Lilladher.
Shares in other Asian markets pushed higher as investors weighed hopes of recovery from the damage caused by the coronavirus pandemic against the rising number of infections.
MSCI's broadest index of Asia Pacific shares outside Japan rose 0.61 per cent, having recovered from choppy trade earlier. Japan's Nikkei 225 benchmark climbed up 0.55 per cent. China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI indices rose 0.96 per cent, 0.93 per cent and 0.37 per cent respectively.
The E-Mini S&P 500 futures were last seen trading 0.44 per cent higher, indicating a positive start for US markets on Friday.
European shares started Friday's session on a positive note. While the United Kingdom's FTSE benchmark was up 0.34 per cent in early trade, France's CAC and Germany's DAX barometers were up 0.59 per cent and 0.38 per cent respectively.
On the whole, global markets have been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover from the pandemic.