Sensex jumps 632 points amid firm global trends; Nifty settles above 16,350

NEW DELHI: Equity indices extended gains for second straight session on Friday with the benchmark BSE sensex rising over 600 points tracking positive trend in global equities.
The 30-share BSE index jumped 632 points or 1.17 per cent to close at 54,885. While the broader NSE Nifty settled 182 points or 1.13 per cent higher at 16,352.
Buying in Infosys and banking counters helped markets maintain their winning run.
Tech Mahindra, IndusInd Bank, Wipro, Bajaj Finance, Infosys, Bajaj Finserv, Larsen & Toubro and HCL Technologies were the prominent gainers in the sensex pack rising as much as 4.1 per cent.
In contrast, NTPC, Bharti Airtel, Power Grid, Tata Steel, Reliance Industries, Asian Paints and Nestle were the laggards.
Most major Nifty sub-indexes also ended higher, buoyed by a 2.54 per cent rise in IT stocks. Pandemic-favourite technology stocks have recently come under pressure, with the Nifty sub-index falling nearly 10 per cent so far in May, in its eighth straight weekly loss.
“Joining the global rally, the investors were in a buying mood following favourable retail earnings in the US. Receding FII selling also provided comfort to the domestic market in bringing down volatility,” Vinod Nair, Head of Research at Geojit Financial Services told PTI.
Aluminium and copper manufacturer Hindalco Industries rose as much 4.7 per cent, after its March-quarter profit after tax doubled from a year earlier.
Meanwhile, foreign institutional investors continued their selling spree as they offloaded shares worth a net Rs 1,597.84 crore on Thursday, as per stock exchange data.
(With inputs from agencies)

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