BSE Sensex rallies 354 pts as banks soar

Mumbai: Equity benchmarks defied gravity for the sixth straight session on Friday following smart gains in bank and finance stocks, while global markets were mixed despite the US Fed outlining a more accommodative stance.

A sharp jump in the rupee and unabated foreign fund inflows further bolstered sentiment, traders said.

After touching an intra-day peak of 39,579.58, the BSE Sensex ended 353.84 points or 0.90 per cent higher at 39,467.31.

The NSE Nifty surged 88.35 points or 0.76 per cent to close at 11,647.60.

During the week, the Sensex soared 1,032.59 points or 2.68 per cent, while the Nifty advanced 276 points or 2.42 per cent.

IndusInd Bank was the top gainer in the Sensex pack on Friday, spurting 8.43 per cent, followed by Axis Bank, ICIC Bank, Sun Pharma, SBI and Kotak Bank.

On the other hand, PowerGrid, Infosys, NTPC, Asian Paints, HUL, M&M and Tata Steel were among the major laggards, shedding up to 1.24 per cent.

Global equities were mixed after US Federal Reserve Chairman Jerome Powell said the central bank will remain accommodative and shift to a more relaxed approach on inflation. However, lack of specifics disappointed markets, analysts said.

The rupee soared 43 paise to end at 73.39 against the US dollar on Friday.

In rest of Asia, bourses in Shanghai, Hong Kong and Seoul ended with gains. Japan's Nikkei tumbled after Prime Minister Shinzo Abe resigned due to health reasons.

Stock exchanges in Europe were trading on a mixed note in early deals.

Global oil benchmark Brent crude was trading 0.35 per cent lower at $45.44 per barrel.