Indian shares scooped up gains for the fourth straight session as the benchmark BSE Sensex rose by almost 80 points to end at over a two-week high of 23,789 on widespread gains, led by oil and gas stocks after crude oil rebounded amid a firming trend in the global market.
Oil prices took back some of the lost ground in Asia today after a steep fall in the previous session, with US crude back above USD 30 a barrel, as traders analysed the impact of a potential freeze by key producers.
Global benchmark, Brent, for April advanced 43 cents, or 1.30 percent, to USD 33.44 a barrel.
Equities took further last week’s sharp rally, notching up gains in most sectors. The Sensex on Friday had logged the best weekly gain since October last year by surging 3.14 per cent.
Trading stayed in the positive zone for the better part of the day. The Sensex ended higher by 79.64 points, 0.34 per cent, at over a two-week high of 23,788.79.
Investors were more sure-footed after a Shanghai-led rally on Asian bourses following reports that China has replaced the head of its securities regulator.
The 30-share Sensex had gained over 517.18 points in the past three sessions.
At the close, the NSE Nifty was up 23.80 points, or 0.33 per cent, at 7,234.55.
A total of 17 components rose out of the 30 in the Sensex pack.
Hindustan Unilever led from the front as it surged 4.02 per cent while RIL closed 1.90 per cent higher on gains in global crude oil.
Other major gainers were Sun Pharma, Asian Paints, Lupin, Cipla, ONGC, Dr Reddy’s, Bajaj Auto, Axis Bank, Bharti Airtel, Tata Steel, M&M, Coal India, Tata Motors, HDFC Bank, TCS and SBI, rising up by up to 2.16 per cent.
Maruti, the country’s biggest carmaker, dropped 1.61 per cent to Rs 3,523.30 after it suspended operations at its two plants in Gurgaon and Manesar as component supplies have been hit by the agitation of Jats demanding job reservation.
Others that lost were NTPC, ITC, Adani Ports, GAIL, Wipro, BHEL, Hero MotoCorp, Infosys and TCS.
Sectorally, the BSE healthcare index gained the most by rising 1.10 per cent followed by oil and gas 0.97 per cent, realty 0.71 per cent, metal 0.56 per cent and banking 0.49 per cent.
Broader markets too kept their head above water, with the mid-cap index rising 0.75 per cent and small-cap gaining 0.46 per cent.
Meanwhile, foreign investors net sold shares worth Rs 191.73 crore on Friday, showed provisional data.
Overseas, most Asian markets closed higher and European indices were in a better shape in early deals.