Mumbai: Equity benchmark indices Sensex and Nifty advanced for the fourth straight session on Friday, supported by buying in blue-chips ICICI Bank and Reliance Industries amid fresh foreign fund inflows.
A strengthening rupee against the US dollar and softening crude oil prices in international markets also boosted investor confidence, according to traders.
The BSE Sensex climbed 303.03 points or 0.36 per cent to reclaim the 84,000 level and settle at 84,058.90. During the day, it jumped 333.48 points or 0.39 per cent to 84,089.35.
On the similar lines, the 50-share NSE Nifty rose 88.80 points or 0.35 per cent to 25,637.80.
As many as 2,251 advanced, while 1,760 declined and 154 remained unchanged on the BSE. Tracking optimism in equities, the market capitalisation of BSE-listed firms soared by Rs 12,26,717.72 crore to Rs 4,60,09,217.58 crore ($5.38 trillion) in four trading days.
On the weekly front, the BSE benchmark surged 1,650.73 points or 2 per cent, and the Nifty climbed 525.4 points or 2 per cent.
From the Sensex pack, Asian Paints, UltraTech Cement, Power Grid, ICICI Bank, Reliance Industries, Hindustan Unilever, Bharat Electronics and Sun Pharma were among the major gainers. In contrast, Trent, Eternal, Axis Bank and Titan were among the laggards.
The BSE smallcap gauge climbed 0.54 per cent, and the midcap index went up by 0.38 per cent.
Among BSE sectoral indices, oil & gas jumped 1.21 per cent, services (1.17 per cent), power (1.14 per cent), commodities (1.11 per cent), energy (1.10 per cent), utilities (0.99 per cent) and telecommunication (0.90 per cent).
The rupee appreciated by 22 paise to close at 85.50 against the US dollar on Friday on the back of strong FII inflows and firm domestic equity markets.
Meanwhile, an RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this month.
An article published in the RBI’s June Bulletin stressed that the financial conditions remained conducive to facilitating an efficient transmission of rate cuts.
On Thursday, the Sensex had jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. The Nifty rallied 304.25 points, or 1.21 per cent, to 25,549.