Bourses extend gains as Sensex jumps 356 points amid global rally

The rupee recovered from all-time lows and settled for the day higher by 9 paise at 88.26 against the US dollar

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Equity benchmark indices Sensex and Nifty surged on Friday in line with a global market rally amid rising hopes that the US Federal Reserve will cut interest rates next week.

Optimism over a successful conclusion of India-US trade talks has also fuelled a rally in markets.

Rallying for the fifth day in a row, the 30-share BSE Sensex jumped 355.97 points or 0.44 per cent to settle at 81,904.70.

During the day, it surged 444.12 points or 0.54 per cent to 81,992.85.

The 50-share NSE Nifty rallied 108.50 points or 0.43 per cent to 25,114, registering its eighth straight day of uptrend.

"The domestic market closed at a three-week high, supported by renewed global optimism over a potential Fed rate cut. Sentiments improved further on reports that the EU may reject US tariff proposals on India for buying Russian oil.