Sensex jumps 1,628 points, Nifty below 8,800
Private banks suffered losses with HDFC Bank down by 1.6 per cent, IndusInd Bank by 0.8 per cent and Axis Bank by 0.7 per cent
Mumbai: Equity benchmark indices broke four days of losing streak and ended 5.7 per cent higher on Friday on global cues as policymakers swung into action to minimise the human and economic impact of coronavirus pandemic.
The BSE S&P Sensex closed 1,628 points or 5.75 per cent higher at 29,916 while the Nifty 50 ticked up by 482 points or 5.83 per cent to 8,745.
All sectoral indices at the National Stock Exchange were in the green with Nifty FMCG up by 8.7 per cent, IT by 8.5 per cent, metal by 7.6 per cent and pharma by 4 per cent.
Among stocks, Bharti Infratel was up by 22.6 per cent to Rs 152.10 per share while ONGC jumped by 17.9 per cent and GAIL by 16.3 per cent.
Reliance Industries shares rallied more than 12 per cent to Rs 1,028 per share after Morgan Stanley retained its bullish bias on the stock, citing likely benefit from lower oil prices and Supreme Court's decision on AGR dues.
The other prominent winners were Hindustan Lever, UltraTech Cement, Grasim, HDFC, Dr Reddy's and Wipro.
But private banks suffered losses with HDFC Bank down by 1.6 per cent, IndusInd Bank by 0.8 per cent and Axis Bank by 0.7 per cent.
Meanwhile, Asian shares staged a rare rally as Wall Street eked out gains. Hong Kong's Hang Seng index was up by over 5 per cent while South Korean shares bounced by 7.4 per cent and Shanghai composite edged up by 1.6 per cent.
The COVID-19 infection cases have risen drastically outside China, hurting major economies and disrupting supply chains. But many countries have poured in massive amounts of stimulus into their economies while central banks have flooded markets with cheap dollars to ease funding strains.