Mumbai, Nov 22
Bulls roared on the Indian benchmark indices on Friday as Sensex surged more than 1,961 points and Nifty 557 points, while the stock market witnessed a significant broad-based rally from the oversold territory, predominantly led by large-cap stocks.
The rally in financial stocks and strong US labour market data were among the factors that drove the Sensex and Nifty up more than 2 per cent. A rally in blue-chip bank stocks also helped the benchmark indices jump in Friday's trade.
Sensex closed at 79,117.11 after gaining 1,961.32 points, or 2.54 per cent, and Nifty closed at 23,907.25 with a gain of 557.35 points, or 2.39 per cent.
This is the largest bull run after June 5, when the BSE Sensex rose 3.20 per cent, or 2,303.19 points, to 74,382.24, while the NSE Nifty was at 22,360.25, up 3.36 per cent or 735.85 points.
Market watchers said that in the broader market, corrections are creating opportunities to accumulate quality stocks with strong fundamentals and resilience to macroeconomic pressures.
"Despite global challenges, India's long-term growth story remains compelling. Investors should focus on sectors aligned with structural themes such as urbanisation, infrastructure, and consumption growth. Strategic portfolio adjustments, disciplined investing, and a long-term perspective are critical to navigating the current environment," said Krishna Appala of Capitalmind Research.