Today, the Sensex and Nifty regained the 36,000 level and 10,600 level in opening trade, respectively.
The Sensex and Nifty registerd a second straight weekly gain. On a weekly basis, the Sensex posted gains of 2.4%, while the Nifty ended 2.2% higher.
Buying in stocks of segments like auto, IT and realty swayed the market performance.
In the Sensex pack, top gainers included Bharti Airtel, Bajaj Auto, TCS, Titan and NTPC, while Tata Steel, IndusInd Bank, HDFC Bank, Bajaj Finance and Nestle were the top laggards.
The NSE's India VIX fell for the third straight session, it slumped 3% to 25.68.
Here are the top reasons why Dalal Street was on a roll:
Covid-19 developments in India: After Bharat Biotech's Covaxin, another potential Covid-19 vaccine indigenously developed by Zydus Cadila Healthcare, got the nod from the Drugs Controller General of India for human clinical trials.
The Indian Council of Medical Research (ICMR) on Thursday said that it aims to launch the Coronavirus vaccine being developed in partnership with Hyderabad-based Bharat Biotech for public health use by August 15.
Meanwhile, India reported 20,903 new coronavirus cases and 379 deaths on Friday. The country’s overall count rose to 6,25,544 and the toll reached 18,213. More than 3.79 lakh people have recovered from the coronavirus.
Global Markets gain: Asian stocks rose on Friday as positive economic data raised optimism over the prospects of economic recovery from the coronavirus pandemic.
European stock markets were muted on Friday with the pan-European Stoxx 600 hovered just below the flatline.
Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well underway.
Traction in auto, insurance stocks, defence stocks: Shares of insurance companies jumped on Friday, with HDFC Life Insurance rallying 5% after the exchange announced the inclusion of the insurance company in the Nifty 50 index from July 31.
Shares of defence equipment’s makers rose in today’s trade after India’s Defence Acquisition Council (DAC) on Thursday approved procurement proposals worth around Rs38,900cr for various platforms and equipment required by the Armed Forces. Bharat Dynamics, Apollo Micro Systems, and Bharat Electronics Ltd surged more than 10% each.
On the auto front, the index was up 1% led by Tata Motors, which jumped over 3%. It was also one of the top index gainers. Bharat Forge soared 5% followed by Bajaj Auto, Eicher Motors, TVS Motor Company and Balkrishna Industries
Rupee strengthening: The Indian rupee ended stronger at 74.64/$ on Friday as against Thursday's close of 75.01/$. This marked the first time the rupee returned to the 74 levels against the greenback since March 27.