NEW DELHI: Equity indices finished higher on Friday with the benchmark BSE sensex rising over 300 points led by gains in IT and bank stocks amid positive cues from global markets.
The 30-share BSE index surged 329 points or 0.94 per cent to close at 35,171; while the broader NSE Nifty finished 94 points or 0.91 per cent higher at 10,383.
Infosys, TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech were the top gainers in the sensex pack rising as much as 6.94 per cent.
While ITC, Bajaj Finance, Kotak Bank, Sun Pharma, Bajaj Finserce and M&M were the top losers falling up to 3.54 per cent.
On the NSE platform, sub-indices Nifty IT and PSU Bank gained as much as 4.05 per cent.
According to traders, broad-based buying on the first day of the new monthly derivatives series and positive cues from global equity markets lifted markets.
“Because of concerns over economic degrowth and rising infections … sectoral churning is happening with money moving to safety,” Saurabh Jain, assistant vice president of research at SMC Global Securities told news agency Reuters.
“Markets are looking at the balance sheet and cash flows. Big IT companies have such balance sheets and can easily adapt to situations,” he added.
On the currency front, the rupee pared initial gains and settled on a flat note at 75.65 (provisional) against the US dollar as concerns about rising COVID-19 cases weighed on investor sentiment.
Meanwhile, foreign institutional investors turned net sellers on Thursday, offloading equities worth Rs 1,050.61 crore, provisional exchange data showed.
(With agency inputs)