Sensex Soars 500 Points, Nifty Above 6,800

The BSE Sensex surged over 500 points or 2.2 per cent amid a strong rally on Friday. The broader Nifty edged past the 6,800 levels, after rising nearly 150 points. (Track markets) Friday's rally is surprising considering markets have been choppy ahead of the electoral verdict next week. The BSE Sensex and Nifty have shed 2 per cent since the peak registered on April 25. Market analyst Rajat Bose said today's sharp gains could be short covering after four days of weakness or there might be a sense about a positive outcome on May 16, when the election results will be announced. "Markets have been giving worrying signs over the last few sessions even as volumes dropped sharply... We needed some kind of comeback of this kind," he said.. The five-week long elections are set to conclude on Monday, with exit polls from media organisations to be issued after the last votes are cast. Overseas investors sold index futures worth Rs 300 crore on Thursday, continuing their selling spree to a seventh out of eight sessions. However, they bought shares worth Rs 363 crore in the cash segment. Gains today were accompanied with high volatility. The NSE volatility index traded 5.8 per cent higher at 36.29 and is not far from its 52-week high of 38.04. The volatility index is often referred to as the fear index or the fear gauge because as it rises, market participants need to become more proactive and careful about their portfolios. Banking stocks led the gains today, with the Bank Nifty hitting a record high. (Read story). Recent underperformers attracted investor attention. Tata Power, which fell 3.05 per cent in the last three sessions, gained 2.5 per cent on value buying. (Track top gainers and losers) Bharti Airtel gained 1.4 per cent. The stock is down 8.78 per cent since it posted disappointing earnings on April 29. Asian shares mostly slumped on Friday as a tense situation in Ukraine made investors cautious, though a tame inflation report from China calmed some nerves. As of 12.40 p.m., the Sensex traded 501 points higher at 22,845, while the Nifty was up 148 points to 6,807. (With inputs from Reuters)

Sensex Soars 500 Points, Nifty Above 6,800

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