Sensex Surges 257 Points, Nifty Settles At 10,822; Sun Pharma Jumps Nearly 4%

Both the Sensex and Nifty posted fifth straight weekly gains.

Major gainers in the Sensex pack were Sun Pharma, Mahindra & Mahindra, HDFC, Axis Bank, SBI and ITC, rising between 1.67 per cent to 3.91 per cent. Top laggards on the index were Reliance, Coal India, TCS, Vedanta Limited, Adani ports and Wipro, ending with losses of between 1.94 per cent to 0.20 per cent.
Sun Pharma, Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra and IndiaBulls Housing Finace, (rising between 2.71 per cent to 4.43 per cent) were leading the pack of Nifty gainers. While main losers on the index were Reliance. Hindustan Petroleum, Coal India, UPL and Eicher Motors, ending with losses between 2.09 per cent to 0.88 per cent.
Fine Organic Industries, which opened its initial public offering (IPO) on Wednesday, was fully subscribed on third and last day of issue. By 2.40 pm, Fine Organic Industries received 68.84 lakh bids against the total issue size of 53.65 lakh.
On the last day of issue, the issue of RITES IPO (initial public offering) subscribed seven times, the NSE data revealed. Total number of bids that were received on the third day of IPO stood at 18 crore against the total issue size of 2.52 crore.
FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore on Thursday, provisional data showed.
Both the Sensex and Nifty posted fifth straight weekly gains, rising 67.46 points, or 0.19 per cent, and 4.15 points, or 0.04 per cent, respectively.
Energy stocks such as Reliance Industries Ltd and Hindustan Petroleum Corp Ltd lost grounds on Friday ahead of a key meeting of the OPEC oil cartel. Reliance Industries was down 1.9 per cent.
The Nifty energy index shed 1.1 per cent, as global oil prices rose on uncertainty over whether the Organization of the Petroleum Exporting Countries would manage to agree on a production increase at a meeting later in the day.
In Asia, shares ex-Japan clawed back after earlier sliding to their lowest level in six months on signs U.S. trade battles with China and many other countries were starting to chip away at corporate profits.
IndusInd Bank Ltd declined 0.02 per cent on BSE, although IDBI Bank Ltd climbed on reports that the government was considering selling a stake to the Life Insurance Corporation of India. (With inputs from Agencies)