Sensex Surges Over 800 Points, Nifty Tops 11,000 Amid Broad-Based Gains

Infosys, Tata Consultancy Services and ICICI Bank were the biggest contributors to the gain in Sensex.

Sensex Surges Over 800 Points, Nifty Tops 11,000 Amid Broad-Based Gains

Infosys, TCS, ICICI Bank and HDFC Bank were the biggest boosts to Sensex

Domestic stock markets jumped more than 2 per cent on Friday amid broad-based buying, bouncing back from their longest losing streak since February. The S&P BSE Sensex index rose 803.37 points - or 2.20 per cent - to 37,356.97 at the strongest level of the day, and the broader NSE Nifty 50 benchmark climbed to as high as 11,039.50, up 233.95 points - or 2.17 per cent - from its previous close. Strong buying interest in IT stocks pushed the markets higher, however selling pressure in financial counters after the government extended the suspension of bankruptcy filings capped the upside.

At 2:22 pm, the Sensex traded 799.38 points - or 2.19 per cent - higher at 37,352.98 while the Nifty was up 227.15 points - or 2.10 per cent - at 11,032.70.

Both indices were still on course to register their worst week since early-May, on worries over the impact of rising COVID-19 cases on the global economic recovery.

Bajaj Finserv, Bharti Airtel, HCL Tech, Cipla, Larsen & Toubro and IndusInd Bank, trading between 4.27 pe cent and 6.80 per cent higher, were the top gainers in the Nifty basket of 50 shares. 

Infosys, TCS, ICICI Bank and HDFC Bank were the biggest boosts to Sensex.

The suspension of bankruptcy filings, aimed at helping businesses stay afloat amid the pandemic, will stop banks from initiating insolvency proceedings against any borrower for defaults arising on or after March 25, 2020.

Broader Asian peers rose on Friday after an overnight tech-led rally in US stocks, on hopes of economic stimulus for the world's largest economy. 

European shares started the day on a mixed note, with the United Kingdom's FTSE 100 index up 0.32 per cent in early trade, but France's CAC 40 and Germany's DAX 30 barometers down 0.51 per cent and 0.34 per cent respectively.