Sensex gains 400 points, Nifty tops 7,400 as ECB hints more easing; IndiGo sheds 20%

The S&P BSE Sensex surged over 500 points in intraday trade on Friday to end above its crucial psychological level of 24,000, while broader CNX Nifty topped its key 7,400-mark. 

The benchmark indices posted their biggest single-day percentage gain since October as hints of more stimulus measures from the European Central Bank lifted global markets, but still logged third weekly fall.

The 30-share index ended the day at 24,435, up 473.45 points, while broad-based 50-share index quoted 7,422, up 145.65 points at close.

Market breadth turned fairly positive with 26 of the 30 Sensex components ending the day in green.

ICICI Bank was the top performing stock on both the headline indices and gained over 2 per cent.

Shares of InterGlobe Aviation fell 20% per cent even as the company reported a 23.7 per cent increase in net profit for the third quarter on higher passenger traffic and lower oil prices.

Global markets were also supported after oil prices rose 5 per cent on Friday. Although higher crude prices are not good for India's current account balance, they are helping shore up risk sentiment in global assets.

Analysts said whether shares can gain further would depend on corporate earnings results and developments in China, where markets have remained volatile over concerns about economic growth.

"Sustainability (of market gains) would depend on quarterly earnings performance and no negative news flow from China," said Gaurang Shah, vice president at Geojit BNP Paribas.

ALSO READ: Four reasons why IndiGo shares crashed 20% on Dalal Sreet

Among Asian markets, Japan's Nikkei settled the day 5.88 per cent higher to move away from a 15-month low struck Thursday. Hong Kong's Hang Seng index added 2.90 per cent, while China's Shanghai Composite ended 1.25 per cent higher.

Overnight, US markets recovered after energy stocks climbed as oil prices bounced back from their worst trading session in the last four months and strong earnings from Verizon lifted the Telecom stocks.

A lowdown on markets today

01:15 pm

Sensex at 24,393, up 430.88 points

Nifty at 7,409, up 133.15 points

11:20 am

Sensex at 24,358, up 396 points

Nifty at 7,398, up 122 points

9:24 am

Sensex at 24,180, up 218.63 points

Nifty at 7,344, up 7.50 points

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