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Sensex Soars 632 Points; Nifty Tops 16,350

Indian shares rose sharply on Friday to join a global rally, with strong earnings from U.S. retailers and expectations that the Federal Reserve may become less aggressive in tightening rates later in the year helping underpin sentiment.

The benchmark S&P BSE Sensex climbed 632.13 points, or 1.17 percent, to 54,884.66, extending gains for the second day running amid across-the-board buying.

The broader NSE Nifty index settled at 16,352.45, up 182.30 points, or 1.13 percent, from its previous close.

Wipro, IndusInd Bank, HDFC Life, Tech Mahindra and Apollo Hospitals Enterprise jumped 3-5 percent in the Nifty pack, while ONGC fell as much as 5.5 percent in the wake of reports that the explorer is offering a stake to global oil companies to help develop challenging fields off the country's east coast.

Tata Steel, Bharti Airtel, Power Grid Corp and NTPC lost 1-3 percent.

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