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Sensex Gains 306 Points; Nifty Nears 10,150

Firm global cues on expectations of economic recovery and further stimulus helped Indian shares end sharply higher for the day on Friday.

The benchmark S&P BSE Sensex jumped 306.54 points, or 0.90 percent, to 34,287.24, while the broader NSE Nifty index ended up 113.05 points, or 1.13 percent, at 10,142.15.

Tata Motors surged 13.7 percent after reports that its JLR unit has entered into agreements with lenders in China for a secured term loan facility of 5 billion yuan ($704.50 million).

SBI soared 8.7 percent after the country's largest lender by assets said its profit rose over four-fold in quarter ended March 2020 to Rs 3,581 crore.

Asset quality also improved as gross non-performing assets as a percentage of total loans declined to 6.15 percent in the fourth quarter of 2019-20 from 6.94 percent in the quarter ended December 31.

Hindalco, Tata Steel and Infratel rallied 5-8 percent, while Cipla, Bajaj Auto, Hindustan Unilever and TCS dropped 1-2 percent.

Reliance Industries shares hit a 52-week high before ending the session marginally lower amid news that Abu Dhabi-based sovereign investor Mubadala Investment Company will buy 1.85 percent stake in Jio Platforms for Rs. 9,093.60 crore.

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