The Sensex and Nifty closed higher in trade today even as the Indian currency's rise above the 73 mark strengthened trading sentiment and Asian markets surged as US President Donald Trump and his Chinese counterpart Xi Jinping spoke by phone for resolving trade tensions between the two countries.
While the Sensex gained 579 points or 1.68% to 35,011, the Nifty rose 1.66% or 172 points to 10,553 level.
This is the highest closing for Sensex since October 4, when it had finished at 35,169.16.
On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.
Maruti (6.37%), Tata Motors (6.29%), and Vedanta (6.04%) were the top Sensex gainers.
Wipro (3.29%), TCS (1.28%) and Infosys (0.65%) were the top Sensex losers after rupee rose 68 paise intra day today. Market breadth was positive with 1,611 stocks closing higher compared to 1054 ending lower on the BSE.
BSE mid cap and small cap indices rose 0.78% and 0.76%, respectively.
BSE auto (4.05%), banking (1.42%), metal (3.04%) and oil and gas (2.46%) incides led the gains in trade today.
Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month.
Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures.
The Finance Ministry on Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.
The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7.
'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.
On Thursday, Sensex erased all gains in a highly volatile session to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows.
Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed.
Asian shares advanced on Friday after President Donald Trump and his Chinese counterpart Xi Jinping spoke by phone and the Chinese state media reported progress in resolving trade tensions between their two countries.
Hong Kong's Hang Seng index jumped 3.8 percent to 26,365.04 and the Shanghai Composite index added 2.7 percent to 2,676.48. Japan's Nikkei 225 index surged 2.6 percent to 22,243.66 while South Korea's Kospi climbed 3.5 percent to 2,096.00. The S&P ASX/200 in Australia erased early losses to end up 0.1 percent at 5,849.20 and the SET in Thailand rose 0.9 percent. Shares also rose in Taiwan, India and Southeast Asia.