Mumbai: On Friday afternoon, a benchmark index of Indian equities markets surged 446 points, on hopes of further policy reforms in the coming days. Banking, power and capital goods stocks were the best performers.
On Thursday, the government issued a notification for allowing foreign direct investment (FDI) in multi-brand retail. Earlier it had also hiked diesel price and cut subsidies for cooking gas.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,411.20 points, was ruling at 18,796.10 points, 446.85 points or 2.44 percent up from its previous day's close at 18,349.25 points.
The Sensex touched a high of 18,866.87 and a low of 18,411.20 points in intra-day trade. The BSE midcap index was up 96.79 points while the smallcap index was 93.11 points high.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was also ruling 2.54 percent up at 5,695.40 points.
On the sectoral front, the BSE banking index was up 490.36 points while power index was up 66.46 points and capital goods index was up 315.02 points.
All the 30-scrips were gaining with ICICI Bank being the biggest Sensex gainer. It was trading 4.93 percent high at Rs.1,072.90
Other major gainers were SBI, up 4.79 percent at Rs.2,223.10; BHEL, up 4.31 percent at Rs.226.20; Sterlite Inds, up 4.19 percent at Rs.103.20; Tata Power, up 3.90 percent at Rs.102.50; and Mahindra and Mahindra, up 3.75 percent at Rs.814.35.
Among other Asian markets, Japan's Nikkei was up 0.25 percent while Hong Kong's Hang Seng was trading 0.78 percent higher. Shanghai's composite index was also up 0.12 percent.