Financial stocks lift BSE to 976 pts, NSE above 15,175

Mumbai: Market benchmarks made an emphatic comeback on Friday after two days of losses as robust results by SBI gave fresh impetus to banking and finance stocks, while a declining trend in COVID-19 cases also assuaged investor concerns.

A strong recovery in the rupee and positive global cues added to the buying momentum, traders said.

Building on a strong start, the 30-share BSE Sensex advanced 975.62 points or 1.97 per cent to finish at 50,540.48. This was the benchmark's biggest single-day jump since March 30 this year.

Similarly, the broader NSE Nifty soared 269.25 points or 1.81 per cent to close at 15,175.30.

HDFC Bank was the top gainer in the Sensex pack, rallying 4.48 per cent, followed by SBI which zoomed 4.30 per cent after posting solid quarterly earnings.

The country's largest lender reported an 80 per cent surge in standalone net profit at Rs 6.450.75 crore for the fourth quarter ended March 2021, aided by a decline in bad loans.

IndusInd Bank, ICICI Bank, Axis Bank, HDFC and Kotak Bank were among the other prominent gainers.

Only two Sensex stocks closed lower — Dr Reddy's and PowerGrid, slipping up to 0.37 per cent.

Investor wealth surged by Rs 2.41 lakh crore, with the market capitalisation of BSE-listed companies reaching Rs 218.05 lakh crore.

During the week, the Sensex soared 1,807.93 points or 3.70 per cent, and the Nifty rallied 497.50 points or 3.38 per cent.

The Reserve Bank of India (RBI) on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.

All BSE sectoral indices ended with gains, led by bankex, finance, telecom and power which surged up to 3.73 per cent.