Mumbai: The BSE gauge Sensex shot up more than 700 points to revisit the key 58,000-level in opening deals on Friday, as participants indulged in buying across counters.
The 30-share index zoomed 723.55 points 1.26 per cent to 58,000.49 in initial trade.
Likewise, the NSE Nifty advanced 217.45 points or 1.27 per cent to 17,327.60 in opening trade.
On the Sensex chart, all shares, barring Maruti, were trading with mild to hefty gains.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading Rs 6,266.75 crore on Thursday, as per official exchange data.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are three trends in the market which are important from investors’ perspective. One, relentless massive selling by FIIs (around Rs 33,000 crore so far in January) is emerging as the strongest headwind to the market in the short-run.”
“Two, there is massive churn happening within the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued growth stocks are getting punished and their valuations are slowly getting to realistic levels,” he added.
Elsewhere in Asia, bourses saw a mixed trading pattern, with only China and Japan trading higher in mid-afternoon deals. Other exchanges logged losses.
Meanwhile, international oil benchmark Brent crude eased 0.38 per cent to USD 89.74 per barrel.