Sensex soars 386 points as July F&O series opens strong

Mumbai: The BSE Sensex surged almost 386 points on Friday, reversing two days of losses, as the July derivatives contracts started on a strong note amid recovery in the rupee.

This is the benchmark's biggest single-session gain since May 31, when it had vaulted 416.27 points. Global markets climbed after a prolonged spell of weakness, even as trade headwinds remain. Investor sentiment was bolstered as the rupee staged a recovery after hitting lifetime lows on Thursday.

The Sensex opened strong at 35,128.16 and stayed in the positive zone throughout the session as buying activity gathered momentum. It scaled the day's high of 35,459.05 before closing at 35,423.48, a hefty gain of 385.84 points, or 1.10 per cent. The gauge had lost 452.40 points in the past two sessions.

The broader NSE Nifty ended the session at 10,714.30, up 125.20 points or 1.18 per cent, after shuttling between 10,723.05 and 10,612.35.

However, both the benchmarks ended lower on a weekly basis, reversing five straight weeks of gains. The Sensex registered a fall of 266.12 points, or 0.75 per cent, while the Nifty shed 107.55 points, or 0.99 per cent during the period.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 442.64 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 951.51 crore yesterday, as per provisional data.