Sensex snaps three-day losing streak amid optimism over US debt ceiling talks

Mumbai (Maharashtra) [India], May 19 : Key indices of the domestic markets made gains as IT, auto and financial stock surged on Friday. Strong global cues prevailed during the start of the session as US debt ceiling talks seemed to have a positive effect on US markets.

BSE 30-share Sensex jumped 298 points and settled at 61,729.68 and NSE Nifty 50 surged 73.45 points and ended at 18,203.40 on Friday.

In the broader market, midcap and small cap underperformed during the session.

In Asian markets, Japan's Nikkei rose 234 points, Hong Kong's Hang Seng lost 277 points, China's Shanghai dropped 13 points, Thailand Set lost 11 points and Philippine Stock gained 35 points.

In American markets, Dow Jones went up 115 per cent, Nasdaq, NYSE and S&P 500 were trading in the positive territory.

In European markets, Amsterdam Exchange, BEL, CAC were trading in the positive territory; Deustche Borse gained 118 points, FTSE 100 surged 34 points and Madrid SE gained 4 points.

Rupee extended its decline to end 6 paise lower against the US dollar on Friday, registering its worst week in nine, dragged down by a rising greenback. Optimism over the US debt ceiling talks also pushed up the greenback. Brent Crude was up 1.38 per cent at USD 75.69.

Domestic institutional investors (DIIs) were the net buyers on Friday with Rs 1071.35 crore. Foreign institutional investors (FIIs) were net sellers with an outflow of Rs 113.46 crore.

Among sectors, strong gains were seen in IT, banking and auto sectors. Nifty IT rallied 1.47 per cent, Nifty Auto gained 0.70 per cent, Nifty Realty added 0.87 per cent, Nifty Private Bank was up 0.45 per cent, Nifty Metal added 0.29 per cent and Nifty PSU Bank gained 0.31 per cent.