Bulls retained control of Dalal Street for the second consecutive session Friday as follow-through buying lifted equity benchmarks and broader markets 1 percent each ahead of the first phase of the Gujarat assembly elections on Saturday.
BSE Sensex closed higher by 301.09 points to 33,250.30, while the Nifty 50 rose 98.95 points to close at 10,265.65. The NSE Nifty gained 122.60 points or 1.22 per cent to finish at 10,166.70, logging its biggest single-day gain since May 25.
"The buying momentum in Indian markets was given a boost by hopes that the ruling BJP would win the critical state elections in Gujarat, which would lay the groundwork for the general elections in 2019".
The BSE market breadth was bullish - 1,582 advances and 1,110 declines. DIIs had bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore yesterday, the provisional exchange data showed.
Sun Pharma, BPCL, IOC, ITC and HPCL climbed 3-4 percent in the Nifty pack, while SBI, Reliance Industries, Zee Entertainment Enterprises, GAIL and Infratel lost 1-2 percent.
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Top five Sensex gainers were Bharti Airtel (+6.08%), Asian Paints (+3.29%), Maruti (+3.26%), Tata Steel (+2.97%), and Bajaj Auto (+2.78%).
Most Asian and European markets rallied as investors awaited major economic data from China and the U.S. amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.
All the sectoral indices ended in the green. Japan's Nikkei led the way again with an early gain of 0.9 percent, adding to Thursday's 1.45 percent bounce.
Gold prices drifted lower by 0.27 percent to Rs 28,589 per 10 grams in futures trade today as participants cut their bets amid a weak global trend.