India's stock benchmarks surged over 1.5% by afternoon trade on Friday, snapping a seven-day losing streak after the RBI's rate-setting committee hiked repo rate by 50bps.
Banking, telecommunication, consumer durables, and power stocks advanced.
The Sensex gained 1.65%, or over 930 points, the most in a month since Aug. 30, to 57,342.46 on the BSE. The 30-stock gauge reclaimed 57,000 after three sessions. The Nifty 50 rose over 1.6% to 17,094.45 on the BSE.
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Among Nifty 50 constituents, 42 stocks rose while eight fell.
Hindalco Industries Ltd, Bajaj Finserv Ltd., HDFC Bank Ltd., Housing Development Finance Corporation Ltd., ONGC Ltd, Kotak Mahindra Bank Ltd. were the top Nifty 50 gainers.
Hindustan Unilever Ltd, Dr. Reddy's Laboratories Ltd, Asian Paints Ltd, TCS Ltd, and Britannia Industries Ltd. declined the most among the index constituents.
The broader indices underperformed their larger peers with mid cap and small cap gauges gaining over 0.8%. Seventeen of the 19 sectoral measures compiled by BSE Ltd. advanced with financial services, telecommunication, utilities, bankex, metal and power indices gaining over 2%.
The market breadth is skewed in the favour of bulls. About 2,064 stocks rose, 1,195 fell and 128 remained unchanged.
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