The 30-share BSE index rose 553 points or 1.34 per cent to close at 41,893; while the broader NSE Nifty settled 143 points or 1.18 per cent higher at 12,264.
Reliance Industries was the top gainer in the sensex pack rising as much as 3.58 per cent after the company’s retail arm secured a Rs 9,555 crore investment in its retail business from Saudi Arabia’s wealth fund. Bajaj Finserv, IndusInd Bank, HDFC Bank, Kotak Bank and HDFC were the other major gainers.
While Maruti, Bharti Airtel, Asian Paints, Ultra Cemco, Nestle India and Sun Pharma were the top losers falling up to 2.73 per cent.
On the NSE platform, sub-indices Nifty Private Bank, Bank and Financial Services gained as much as 2.17 per cent.
According to market experts, despite uncertainty around the US elections, the equities have rallied strong globally on expectations of a fiscal stimulus soon along with little scope for aggressive changes in taxation given the thin winning margin.
Stock exchanges on Wall Street ended with significant gains in overnight sessions.
Further, the US Federal Reserve said its key interest rate will be left at a record low near zero. It reaffirmed its readiness to do more to support the economy under threat from a worsening coronavirus pandemic.
On the currency front, the rupee pared some of its initial gains and settled 28 paise higher at 74.08 (provisional) against the US dollar on Friday, supported by foreign portfolio flows even as investors continued to wait for the outcome of the US elections.
(With agency inputs)