Mumbai: Market benchmark Sensex soared 428 points on Friday, tracking strong gains in global equities led by optimism over US-China trade deal and Boris Johnson's win in UK general elections.
After hitting a high of 41,055.80 points, the 30-share BSE Sensex ended 428 points, or 1.05 per cent, higher at 41,009.71. Similarly, the broader NSE Nifty settled 114.90 points, or 0.96 per cent, higher at 12,086.70.
Top gainers and losers
Axis Bank was the top gainer in the Sensex pack, rallying 4.21 per cent, followed by Vedanta 3.75 per cent, SBI 3.39 per cent, Maruti 3.20 per cent, IndusInd Bank 3.07 per cent and Yes Bank 2.87 per cent.
On the other hand, Bharti Airtel slipped 1.98 per cent, Kotak Bank 1.38 per cent, Bajaj Auto 0.88 per cent, Asian Paints 0.31 per cent, HDFC Bank 0.05 per cent and HUL 0.03 per cent.
According to traders, investors across the globe were enthused by reports of the completion of the first phase of US-China trade deal and UK Prime Minister Boris Johnson's stellar victory in the country's general election.
The Trump administration and China are close to finalising a modest trade agreement that would suspend tariffs that are set to kick in Sunday, de-escalating their 17-month trade war.
Reports suggest that US President Donald Trump has give his final approval to the deal.
Read more:NBFC crisis poses more bad loan risks for banks: Report
Boris Johnson earlier in the day won a parliamentary majority in the UK's general elections, ending the uncertainty over Brexit.
According to Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, Indian markets shrugged off the higher inflation numbers released post market on Thursday and ended in the green taking positive cues from Asian markets after news of US and China trade deal.
As per government data, rising food prices pushed the retail inflation in November to over three-year high of 5.54 per cent, while the industrial sector output shrank for third month in a row by 3.8 per cent in October.
Markets continued to edge higher on hopes of positive announcements by Finance Minister Nirmala Sitharaman at a press conference post market hours, Solanki added.
Global market
Bourses in Shanghai, Hong Kong, Seoul and Tokyo soared up to 2.57 per cent.
Stocks in Europe were also trading significantly higher.
On the currency front, the rupee appreciated 5 paise against the US dollar to 70.78 (intra-day).
Brent futures, the global oil benchmark, rose 1.07 per cent to USD 64.89 per barrel.
Gold tumbles Rs 232 on stronger rupee
Gold prices on Friday fell by Rs 232 to Rs 38,486 per 10 gram in the national capital on stronger rupee, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 38,718 per 10 gram.
"Spot gold for 24 Karat in Delhi fell by Rs 232, reflecting overnight fall in international prices. Gold prices witnessed additional pressure on stronger rupee with fall in dollar index. The spot rupee was trading around 15 paise higher during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in the early trade on Friday.
Silver prices fell marginally by Rs 7 to Rs 45,189 per kg from Rs 45,196 per kg on Thursday.
In the international market, both gold and silver were trading with marginal gains at USD 1,470 per ounce and USD 16.93 per ounce, respectively.
Gold prices traded steady with international spot gold prices trading near USD 1,470 per ounce on Friday witnessing decline from recent highs on possible phase 1 trade deal between the US and China, Patel added.
