Sensex surges 708 points; power, banking stocks shine

Mumbai: The Indian equities markets benchmark Sensex surged 708 points on Friday led by strong buying support in power, metal, and banking & financial stocks.

The 30 stock S&P BSE Sensex surged 708.18 points or 1.21 per cent to 59,276.69 points against its previous day’s close at 58,568.51 points. The index witnessed a strong rally in the last hour of the trade. The Sensex started the day in the negative at 58,530.73 points and fell to a low of 58,450.04 points in the morning trade. The Sensex witnessed good buying support later in the day hitting a high of 59,396.62 points in the intra-day.

The broader Nifty 50 of the National Stock Exchange rose 205.70 points or 1.18 per cent to 17,670.45 points.

There was strong buying support for power stocks. NTPC surged 5.93 per cent to Rs 142.95. Power Grid Corporation soared 3.74 per cent to Rs 224.95.

Banking and financial stocks also surged. IndusInd Bank soared 3.20 per cent to Rs 965. State Bank of India soared 3 per cent to Rs 508.20. HDFC rallied 2.61 per cent to Rs 2450.95. HDFC Bank closed 2.47 per cent higher at Rs 1506.30. Axis Bank closed 1.57 per cent higher at Rs 772.60.

Only five of the 30 scrips that are part of the Sensex close in the red. Tech Mahindra slipped 0.80 per cent to Rs 1487.35. Sun Pharma fell 0.72 per cent to Rs 908.25. Dr Reddy’s Laboratories, Titan, and Infosys also closed in the red.