Markets gained for the fourth straight session with Nifty settling above the 8,150 levels comfortably supported by sustained buying across the board especially the index heavyweights like RIL, Infosys and HDFC.
Above-normal monsoon forecast, better than expected Q4 numbers and strength in rupee bolstered the rally.
The S&P BSE Sensex soared 287 points to end at 26,653 and Nifty50 surged 87 points to end at 8,157.
Nifty50 closed at highest mark since Oct 29, 2015. In broader markets, BSE Midcap index outperformed the larger peers and ended up 1.3%, however BSE Smallcap index under-performed and gained 0.6%.
"Technically, the markets have closed above most significant resistance levels and are breaking out of the range they have been stuck in over the last month.
"Most of the inherent froth in the markets looks to have been taken out during the fall to 7,780.
"We would advise increasing allocation to equities at this point and would continue to hold a bullish outlook on the market with a short term target of 8,350 on the Nifty." says Nikhil Kamath, Co-Founder & Director, Zerodha.
Besides, foreign direct investment (FDI) into India increased by 16.5% to $2.46 billion in March this year.
The FDI inflows were at $2.11 billion in the same month of last year, according to the data of the Department of Industrial Policy and Promotion (DIPP).
Among overseas stock markets, the US dollar rose on Friday while world stock markets were steady, as investors braced for the likelihood of a hike in US interest rates in coming months.
The MSCI All-Country World equity index edged higher by 0.1%.
The dollar index rose 0.1% and was on track for its best monthly performance since last November, after a string of US Federal Reserve officials raised expectations for a hike in interest rates as early as June, given signs of strength in the world's biggest economy.
Back home, the rupee appreciated 20 paise to 67.97 against the dollar on increased selling of the US currency by exporters and banks amid higher foreign inflows.
Among other prominent gainers, Sun Pharma zoomed around 6% after it said the umbrella pact and transaction agreements signed with Daiichi Sankyo and its overseas subsidiaries have been terminated due to divestment of Ranbaxy by the Japanese firm.
Lupin advanced 0.6% after it received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the USFDA has concluded that the inspections stand closed.
Novartis India dipped 12% after the pharmaceuticals company announced that the board has approved the buyback of shares at a price of Rs 760 through tender offer.
Maruti Suzuki has announced a recall of over 75,000 units of its premium hatchback Baleno.
The recall is being done to upgrade the airbag controller software. The stock gained 0.5%.
Yes Bank, Bharat Petroleum Corporation (BPCL), Biocon, Finolex Cables and HDFC Bank from the BSE 500 index touch their respective lifetime highs on the Bombay Stock Exchange (BSE) in intra-day trades today.
RESULT REACTION
State Bank of India's net interest income rose 4% to Rs 15,291 crore compared with 14,712 crore during the March quarter of FY14-15. However, the bank reported 66% fall in its net profit to Rs 1263.81 crore in March quarter from Rs 3742.02 crore a year ago. Shares of SBI gained 5%.
Bharat Petroleum Corp. Ltd (BPCL) jumped 10%, with hitting a record high, on Friday after the company posted better than expected earnings. The bonus announcement of one for one share by the company also boosted the sentiment.
Suven Life Sciences rose 6.5% after the company said its net profit rose 90.52% to Rs 33 crore in March quarter against Rs 17 crore a year ago.
Gujarat Alkalies and Chemicals surged 8% after the company reported more than doubled EBITD (earnings before interest taxes and depreciation) at Rs 133 crore for the quarter ended March 2016 (Q4FY16) against Rs 52 crore in a year ago quarter.
Hotel Leela Venture fell 1.5% after its net loss widened to R.229 crore in March quarter against net profit of Rs 10 crore.
ONGC slipped 2% following the state-run explorer's fourth quarter earnings announcement.
ONGC's net profit jumped 12 per cent to Rs 4,416 crore.
Finolex Cables gained 9% its net profit rose 78% in March quarter to Rs 83 crore from Rs 47 crore a year ago.
Nilkamal climbed 2% after the company said its net profit rose 51% in March quarter to Rs 33 crore from Rs 22 crore a year ago.
Jet Airways India slipped 1% after the company reported a fourth straight quarter of profit, benefiting from lower fuel prices, higher traffic and lower finance costs.
India’s second largest airline by passenger traffic also logged its first annual profit ever.
