Markets resume rally as bank stocks spurt

Rupee depreciates by 1 paisa to settle at 75.58 against US dollar

MUMBAI: Equity indices resumed their upward march on Friday as investors piled into banking and infrastructure stocks amid robust foreign fund inflows and a firm trend in global markets.

Reversing the previous session’s decline, the BSE Sensex zoomed 306.54 points or 0.90 per cent to end at a three-month high of 34,287.24.

The broader NSE Nifty rose 113.05 points or 1.13 per cent to 10,142.15.

State Bank of India (SBI) was the top gainer in the Sensex pack, surging 7.90 per cent, after the country’s largest lender reported an over four-fold jump in standalone net profit for the March quarter at Rs 3,580.81 crore.

Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with gains of up to 6 per cent. On the other hand, TCS, HUL, Bajaj Auto and Infosys were among the laggards, skidding up to 2.19 per cent.

During the week, Sensex surged 1,863.14 points or 5.74 per cent, while Nifty advanced 561.85 points or 5.86 per cent.

The rally has been driven by positive sentiment generated from gradual lifting of lockdown across economies, despite weak economic readings and civil unrest in the US, he said.

World equities extended their bull run as more stimulus from the ECB and reopening of countries fuelled economic recovery hopes.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains. Stock exchanges in Europe too opened up to 2 per cent higher.

International oil benchmark Brent crude futures rose 2.73 per cent to $41.08 per barrel. On the currency front, the rupee depreciated by one paise to close at 75.58 against the US dollar.