Key benchmark indices gained for the second straight day as investors cheered falling crude oil price on persistent concerns over global economic growth resulting in firm European stocks and some higher Asian stocks supporting domestic bourses, with Reliance Industries (RIL) leading the rally in frontline shares.
Brent crude futures for July were trading at $102 per barrel, while NYMEX crude futures slipped below $94 per barrel.
The market breadth, indicating the overall health of the market, was positive. Also, much of market action was on stocks that had just announced their fourth quarter numbers.
RIL rose over 5.0 per cent after the company along with partners announced huge gas discovery in KG-D6 block, while HDFC, IndusInd Bank, Bharti Airtel, Jindal Steel, Sun Pharma and Ranbaxy were the other prominent gainers rising in the range of 4-6 per cent.
Volatility ruled the roost in early trade as the key indices rose to intraday high after sliding in the red following a positive start.
So much so, the CNX Nifty regained the psychological 6,000 mark in early trade, while the popular Sensex at BSE Sensex settled above the psychological 20,000 mark in the closing.
Foreign institutional investors (FIIs) sold shares worth a net Rs 238.56 crore on Friday, as per initial data from the bourses.
The popular S&P BSE Sensex was up 326.44 points or 1.66 per cent to 20,030.77, its highest closing level since May 22, 2013. The index jumped 379.14 points at the day’s high in late trade and fell 26.02 points at the day’s low in early trade.
The CNX Nifty at NSE was up 99.60 points or 1.66 per cent to 6,083.15, its highest closing level from May 22, 2013. The index hit a high of 6,099.90 and a low of 5,975.55 in intraday trade.
From broader markets, the BSE Mid-Cap index rose 1.14 per cent to settle at 6,459.86 points and the BSE Small-Cap index gained 0.79 per cent to close at 6,039.78 points.
The market breadth, indicating the overall health of the market, was positive with as many as 1,364 shares on BSE rose and 981 scrips fell while a total of 140 stocks remained static. The total turnover on BSE amounted to Rs 1881 crore, which is lower than Rs 1981.93 crore on Friday last.
Meanwhile during the day abroad, European stocks rose as Chinese Premier Li Keqiang said his country will rely on Germany to lead the euro out of its crisis and boost the global economy as European leaders begin to tackle soaring unemployment after three years of budget cuts.
Key benchmark indices in France and Germany rose by 0.59-0.69 per cent, while UK and US markets remain closed on May 27 for Memorial Day.
Asian stocks were mostly higher as key indices in China, Taiwan, Hong Kong and South Korea rose by 0.2 to 0.86 percent, while indices in Singapore and Indonesia fell by 0.06-1.36 per cent.