Mumbai: Equity benchmark Sensex surged over 1,100 points in opening session on Friday led by gains in banking stocks ahead of Reserve Bank Governor Shaktikanta Das' address.
Positive cues from the global markets too enthused investor sentiment.
The 30-share BSE barometer was trading 1,140.10 points or 3.81 per cent higher at 31,086.87.
Similarly, the NSE Nifty zoomed 367.10 points, or 4.25 per cent, to 9,008.55.
IndusInd Bank was the top gainer in the Sensex pack, rallying up to 20 per cent, followed by Axis Bank, SBI, Bajaj Finance, ICICI Bank, HDFC Bank and M&M. On the other hand, Bharti Airtel, HCL Tech, TCS and Bajaj Auto were the top losers.
In the previous session, equity benchmarks surged for the third straight session, logging their best three-day gains in years.
The BSE gauge surged 1,410.99 points or 4.94 per cent to settle at 29,946.77; while the Nifty shot up 323.60 points or 3.89 per cent to 8,641.45.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 484.78 crore on Thursday, according to provisional exchange data.
According to traders, after Finance Minister Nirmala Sitharaman's Rs 1.70 lakh crore economic stimulus to ease the economic blow of the Covid-19 pandemic, investors are eyeing more sops from Reserve Bank of India (RBI) Governor, who is scheduled to address media at 1000 hours.
Domestic markets have been driven by optimism on USD 2 trillion package to US economy and also in anticipation of an economic package by the RBI for the Indian economy.
The number of deaths around the world linked to the new coronavirus has crossed over 24,000. In India, around 700 Covid-19 cases have been reported so far.