NEW DELHI: The S&P BSE Sensex climbed over 400 points in trade on Friday, led by heavy buying seen in the stocks of index heavyweights including the HDFC duo – HDFC and HDFC Bank, Sun Pharma and Reliance Industries. The 50-share Nifty index reclaimed its crucial psychological level of 8,450 and was trading near its next key level of 8,500.A total of 27 Sensex stocks were ruling higher, while 45 of 50 Nifty stocks were quoting in the black. The rally was not restricted to largecaps. In fact, there was broader market participation, with smart moves seen on many midcap counters.

The BSE Midcap index rose 1.75 per cent. The BSE Smallcap index was up 1.30 per cent.The market rallied on hopes that GST could well see light of the day as the government is determined to stick to its timeline of April 2016. Market also cheered the MSCI rejig, which could bring inflows to the tune of $254 million to the Indian market. India is expected to receive $254-million worth of inflows on MSCI rejig, said foreign brokerage HSBC Securities in a research note. Overall, the market breadth was upbeat, with every six out of 10 BSE stocks trading in the positive terrain.

The sentiment got a further boost from a smart recovery in rupee against the greenback. The domestic currency, which hit its fresh 2-year low as 65.31 level in the morning trade, rebounded smartly, gaining 2 paise against dollar later in the day.Most Asian markets were quoting mixed. China’s Shanghai Composite was up about a per cent, Hong Kong’s Hang Seng added a modest 0.2 per cent, while Japan’s Nikkei was down 0.2 per cent. South Korea’s KOSPI added 0.4 per cent and Singapore Strait Times rose 0.6 per cent.

Source : http://economictimes.indiatimes.com/markets/stocks/news/sensex-surges-over-400-points-nifty-reclaims-8450-jspl-plunges-8-mmtc-7/articleshow/48477488.cms