Indian equity benchmarks rose sharply on Friday as Dalal Street entered the August derivative series, tracking gains across global markets on easing of concerns about steep hikes in COVID-era interest rates.

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NSE

Investors awaited more of corporate earnings from India Inc for cues, with HDFC, Indian Oil and Ashok Leyland among the blue-chip companies due to report their numbers later in the day.

The Sensex rose 630.8 points or 1.1 percent to touch 57,488.6 at the strongest level in early deals, and the Nifty50 climbed to as high as 17,129.4, gaining 199.8 points or 1.2 percent from its previous close.

Buying across sectors powered the overall strength in the market, with financial, oil & gas and IT shares among the biggest contributors to the gain in headline indices.

Infosys, Reliance and TCS were the top boosts for both Sensex and Nifty.

"The big positive for the Indian market is the FIIs reducing their selling substantially... The expected outperformance of financial stocks has played out well, with April-June results indicating improving prospects for the sector. The short covering bounce in IT may continue in the near term," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Overall market breadth favoured the bulls, as 2,021 stocks rose and 1,238 fell on BSE.

Global markets

Equities in other Asian markets pushed higher tracking a second back-to-back strong session on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.7 percent at the last count. Japan's Nikkei 225 was up 0.6 percent.

S&P 500 futures were also up 0.6 percent. On Thursday, the three main US indices jumped around one percent, after data showing a second straight quarterly contraction in the world's largest economy fuelled speculation the Fed may not need to be aggressive with interest rate hikes.

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