Markets rally on robust buying, post best week in five

Mumbai: Equities ended the week on a high on Friday, with the Sensex surging 290 points and the Nifty reclaiming the 10,800-mark as buyers made an emphatic return amid encouraging global cues.

Sentiment was bolstered after weaker-than-expected US inflation eased concerns about acceleration of interest rate hikes by the Federal Reserve, lifting markets globally.

The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 35,596.15 before finishing at 35,535.79 -- a rise of 289.52 points, or 0.82 per cent.

The broader NSE Nifty scaled a high of 10,812.05 before closing 89.95 points, or 0.84 per cent, higher at 10,806.50.

Both the indices ended at their highest levels since February 1.

On a weekly basis, the Sensex gained a hefty 620.41 points, or 1.78 per cent, while the Nifty advanced 188.25 points, or 1.77 per cent. This was their biggest gain in five weeks.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 900.69 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 364.88 crore yesterday, as per provisional data.

"Market rallied supported by better quarterly results and lower than expected US inflation which eased worries of faster rate hikes by Fed.

"Investors will closely watch data on domestic inflation and Karnataka election results... Surging oil prices and weak INR are expected to impact inflation while easing geopolitical tension will add fuel to the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Asian Paints led the gainers' list in the Sensex pack by surging 6.17 per cent after the company yesterday reported a 3.39 per cent increase in consolidated net profit at Rs 495.91 crore for the quarter ended March 2018.