Sensex rallies 307 pts; SBI soars over 7 pc post Q4 show

Mumbai, Jun 5 (PTI) Equity benchmark Sensex rallied 307 points on Friday, propelled by gains in index-heavyweights HDFC Bank, ICICI Bank and SBI.

After hitting a high of 34,405.43, the 30-share index settled 306.54 points or 0.90 per cent higher at 34,287.24.

Similarly, the 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 around 8 per cent, after the country's largest lender reported an over four-fold jump in standalone net profit at Rs 3,580.81 crore for the March quarter.

Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with firm gains.

On the other hand, TCS, HUL, Bajaj Auto and Infosys were among the laggards.

Reliance Industries (RIL) succumbed to profit-booking, ending flat after touching its one-year high in intra-day trade. The company announced sale of 1.85 per cent stake in its digital unit Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore.

According to traders, besides stock-specific action, persistent foreign fund inflows and positive cues from global markets led to bullish sentiment here.

On a net basis, foreign portfolio investors bought equities worth Rs 2,905.04 crore on Thursday, provisional exchange data showed.

'The current week has been a good one for the global markets as major frontline markets posted a strong rally,' said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

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.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains.

Stock exchanges Europe too opened up to 2 per cent higher.

International oil benchmark Brent crude futures rose 2.73 per cent to USD 41.08 per barrel.

On the currency front, the rupee closed flat at 75.58 against the US dollar. PTI ANS HDA