Sensex climbs 256 points as May F&O series begins strong

Mumbai: Market barometer Sensex rallied over 256 points to end at a near 3-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start.

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about 9 per cent. Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues. The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row -- their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch on Friday affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong. 'BBB-' rating indicates lowest investment grade.