Sensex soars 524 pts on RIL push; logs weekly gains

Rupee depreciates by 6 paise to settle at 76.20 against US dollar

MUMBAI: Equity benchmarks darted up for the second straight day on Friday, boosted by market heavyweight Reliance Industries which soared to a record high after announcing it has become net-debt free.

A positive trend in global markets further bolstered investor sentiment, traders said.

After soaring 640.32 points during the day, the 30-share BSE Sensex settled 523.68 points, or 1.53 per cent, higher at 34,731.73.

Similarly, the broader NSE Nifty surged 152.75 points, or 1.51 per cent, to close at 10,244.40.

During the week, the Sensex rallied 950.85 points or 2.81 per cent, while the Nifty advanced 271.50 points or 2.72 per cent.

Reliance Industries Ltd (RIL) was the star performer in Friday’s session, spurting over 6 per cent to its all-time high after Mukesh Ambani said his flagship firm is now net-debt free following a record Rs 1.69 lakh crore fundraising in under two months.

Other Sensex gainers included Bajaj Finance, Powergrid, ICICI Bank, Maruti, Axis Bank and SBI.

On the other hand, Indusind Bank, HCL Tech, ITC, M&M HDFC and Infosys shed up to 2.94 per cent. Market mood was supported by a gradual resumption in business activities and an earlier-than-expected normalisation in certain consumption sectors, he noted.

Foreign institutional investors bought equities worth a net of Rs 366.57 crore on Thursday, provisional exchange data showed. International oil benchmark Brent crude futures climbed 2.51 per cent to USD 42.55 per barrel.

On the currency front, the rupee settled 6 paise lower at 76.20 against the US dollar.