Sensex Soars 548 Points; Nifty Ends Above 10,900

(RTTNews) - Indian shares rose sharply on Friday to post their fifth straight weekly gains, with financials and energy stocks leading the surge.

A slew of strong corporate earnings from key index components and firm global cues helped underpin investor sentiment as India breached the mark of one million coronavirus cases.

The benchmark S&P BSE Sensex soared as much as 548.46 points, or 1.50 percent, to 37,020.14, while the broader NSE Nifty index jumped 161.75 points, or 1.51 percent, to finish at 10,901.70.

BPCL surged 12.4 percent after reports that global oil giants are showing interest in the state-owned oil marketing company. ONGC surged 5.8 percent and GAIL advanced 4.1 percent.

Bharti Infratel climbed 4.3 percent. Reliance Industries gained 3.9 percent after reports that it is in talks to acquire Kishore Biyani's Future Group.

HDFC Bank rallied 3.8 percent ahead of its earnings release tomorrow.

Britannia Industries ended down 1.9 percent after hitting a 52-week high earlier in the session. The FMCG major reported over two-fold increase in consolidated profit for the June quarter.

HCL Technologies gave up half a percent after reporting weak revenue and appointing Roshni Nadar Malhotra as the new chairperson of the company.

Bharti Airtel rose 1.3 percent and Vodafone Idea jumped as much as 14 percent ahead of a Supreme Court hearing in the adjusted gross revenue (AGR) case on 20 July.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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