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The 30-share BSE Sensex jumped 1,292.92 points or 1.62 per cent to settle at 81,332.72. During the day, it soared 1,387.38 points or 1.73 per cent to 81,427.18.
The NSE Nifty surged 428.75 points or 1.76 per cent to settle at an all-time closing high of 24,834.85. As many as 47 of Nifty constituents closed in green while three ended lower.
Sensex and Nifty had been on a decline since Friday last. Sensex tumbled 1,303.66 points or 1.60 per cent, while the Nifty declined 394.75 points or 1.59 per cent in five straight days of losses to Thursday.
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Bharti Airtel was the biggest gainer, rising by over 4.51 per cent. Adani Ports, Sun Pharma, Tata Steel, HCL Technologies, Infosys, JSW Steel and Mahindra & Mahindra were the other big gainers.
Nestle was the only loser, closing lower by 0.07 per cent.
“The domestic market experienced a substantial rebound on the start of the next month expiry, recovering from the recent losses incurred following the Union Budget. This upturn was driven by positive reactions to the better-than-expected US GDP, which augurs well for global demand.
“Investors are adopting buy-on-dip strategy, refocusing on quarterly earnings and stock-specific trends. Notably, gains were observed across sectors, with Metals and IT leading, and midcaps outperforming,” said Vinod Nair, Head of Research, Geojit Financial Services.
In the broader market, the BSE midcap gauge soared 2.12 per cent and smallcap index rallied 1 per cent.
All the indices ended higher, with telecommunication jumping 3.36 per cent, metal (3.19 per cent), teck (2.76 per cent), auto (2.35 per cent), commodities (2.26 per cent) and healthcare (2.10 per cent).
As many as 2,652 stocks advanced while 1,286 declined and 102 remained unchanged on the BSE.
“This surge was fueled by improved sentiment following robust performances in IT and Metal stocks, as well as significant rollovers to the August series. Broader indices also reflected this strength, showing substantial gains,” Ajit Mishra – SVP, Research, Religare Broking Ltd said.
On the weekly front, the BSE benchmark rose by 728.07 points or 0.90 per cent and the Nifty climbed 303.95 points or 1.23 per cent.
In Asian markets, Seoul, Shanghai and Hong Kong settled higher while Tokyo ended lower. European markets were also trading in positive territory.
The US markets ended mostly lower on Thursday.
Global oil benchmark Brent crude declined 0.40 per cent to USD 82.04 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,605.49 crore on Thursday, according to exchange data.
After a sharp fall in intra-day trade on Thursday, the BSE benchmark managed to recover some of the lost ground to settle 109.08 points or 0.14 per cent lower at 80,039.80.
The NSE Nifty dipped 7.40 points or 0.03 per cent to 24,406.10.