Sensex Surges 835 Points, Nifty Reclaims 11,050 As Markets Snap Six-Day Losing Streak

Mid- and small-cap shares witnessed strong buying interest as the Nifty Midcap 100 rallied 3% and Nifty Smallcap 100 advanced 2.5%.

Sensex Surges 835 Points, Nifty Reclaims 11,050 As Markets Snap Six-Day Losing Streak

The S&P BSE Sensex and NSE Nifty 50 indexes staged strong rebound after six days of losses, their longest losing streak since February, on Friday on the back of a broad-based buying interest. The Sensex rose as much as 917 points and Nifty 50 index touched an intraday high of 11,072.60. Infosys, Tata Consultancy Services, ICICI Bank, Reliance Industries, HDFC Bank and Bharti Airtel were top movers in the Sensex they collectively added over 400 points towards gain in the Sensex.

The Sensex surged 835 points or 2.28 per cent to close at 37,389 and Nifty 50 index climbed 245 points or 2.26 per cent to close at 11,050.

"The index is likely to hover above 11,000 level for couple of sessions. However, Nifty is highly unlikely to cross 11,240 on the upside," Vinay Khambete, an independent market analyst told NDTV.

Buying was visible across the sectors as all the 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Information Technology index's 3.5 per cent gain. Nifty Bank, Realty, Private Bank, Pharma, Metal, Financial Services and FMCG indexes also rose between 2-3 per cent.

Mid- and small-cap shares also witnessed strong buying interest as the Nifty Midcap 100 rallied 3 per cent and Nifty Smallcap 100 advanced 2.5 per cent.

Forty six out of 50 shares in the Nifty 50 basket ended higher led by Bajaj Finserv's over 6.5 per cent gain. HCL Technologies, Cipla, Bharti Airtel, IndusInd Bank, Larsen & Toubro, Grasim Industries, Eicher Motors, Adani Ports, Infosys, ICICI Bank, TCS and Shree Cements also rallied between 3.4-5.2 per cent.

On the flipside, SBI Life UPL, Bharat Petroleum and HDFC Life were among the notable losers.

The overall market breadth was extremely positive as 1,978 closed higher while 670 ended lower on the BSE.