Markets surge after 4-days of decline on fresh foreign fund inflows, Sensex jumps 447 points

Mumbai: Equity benchmark indices Sensex and Nifty surged on Friday after four days of decline in tandem with a rally in global markets as a lower-than-expected US consumer price inflation data for November reinforced expectations of further interest rate cuts by the Federal Reserve.

Fresh foreign fund inflows also drove the equity markets higher.

The 30-share BSE Sensex jumped 447.55 points, or 0.53 per cent, to settle at 84,929.36. During the day, it surged 585.69 points, or 0.69 per cent, to 85,067.50.

The 50-share NSE Nifty climbed 150.85 points, or 0.58 per cent, to 25,966.40.

From the 30-Sensex firms, Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries, and Bajaj Finserv were among the biggest gainers.

However, HCL Tech, Kotak Mahindra Bank, ICICI Bank, and Sun Pharma were the laggards.

The rupee appreciated 53 paise to close at 89.67 against the US dollar on Friday, supported by corporate dollar inflows and easing crude oil prices.

FIIs bought equities worth Rs 595.78 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 2,700.36 crore in the previous trade.

Brent crude, the global oil benchmark, dipped 0.40 per cent to $59.58 per barrel.

Logging its fourth day of decline on Thursday, the Sensex dropped 77.84 points or 0.09 per cent to settle at 84,481.81 in a volatile session.

The Nifty ended flat, skidding 3 points, or 0.01 per cent, to 25,815.55.