Sensex surges 580 points on Friday on strong Asian cues; auto, banks rally


The benchmark indices settled over 1.5 per cent higher on Friday led by a sharp rise in automobile stocks amid a jump in the Asian markets which rose as China and the United States expressed optimism about resolving their bruising trade war.

The S&P BSE Sensex ended at 35,012, up 580 points (up 1.8 per cent), while the broader Nifty50 index settled at 10,553, up 173 points (up 1.7 per cent). The indices ended over 5 per cent higher this week, making it the biggest weekly gain since May 2016.

Among the sectoral indices, Nifty Auto index rose 4.2 per cent led by a rise in Maruti Suzuki, Tata Motors and Hero MotoCorp. The Nifty Bank index, too, ended 1.5 per cent led by IndusInd Bank and Axis Bank.

In stocks, the oil and gas companies rallied led by BPCL which rose 6.4 per cent to Rs 301 on the BSE while IOC ended nearly 5 per cent higher at Rs 148.

The rupee firmed against the US dollar, reclaiming the 72-per-dollar levels. The Indian currency rose to 72.53 against the greenback in intra-day trade, up from its previous close of 73.45 per dollar.

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