The benchmark indices ended fiscal 2022-23 on an electrifying note — a nearly 2 per cent surge triggered by fading fears of a financial contagion overseas and a rush for the Reliance stock at home on its plans to unlock value in its financial services business.

The BSE Sensex zoomed 1031.43 points to settle at 58991.52 after jumping 1108.38 points or 1.91 per cent during intra-day trades to 59068.47. The broader Nifty climbed 279.05 points or 1.63 per cent to end at 17359.75 on the NSE.

Market circles said the gains arose as domestic stocks played catch-up with their global peers. While the exchanges were closed for trading on Thursday, the cues were positive as the Dow Jones Industrial Average climbed more than 300 points on Wednesday and followed it up by another 141-point-gain in the next day.

US stocks rose with the lessening of apprehensions regarding a global banking turmoil. Moreover, latest data in the US showed jobless claims — for the week ended March 25 — rising more than expected which led to expectations that the Fed may go slow in its rate hike cycle.

Back home, RIL pulled up the benchmark index as it galloped 4.29 per cent, or Rs 95.80, to close at Rs 2,331.05.Investors thronged the counter after the conglomerate said in a regulatory filing on Wednesday that it will take shareholders’ and creditors’ nod for the demerger of its financial services business.

“Markets saw a perfect ending to 2022-23 as charged bulls went berserk on Dalal Street thus propelling both the benchmark indices to close above the psychological mark. The rally was long overdue as fading worries over the recent turmoil in the US and European banking industry prompted investors to latch upon the beaten down stocks,” Amol Athawale, deputy vice-president, Kotak Securities Ltd, said.

“Falling US bond yields and the return of FIIs into the local markets in recent sessions have bolstered the market sentiment,” he said.

RIL led the list of gainers on the BSE: followed by Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank, which rose up to 3.30 per cent.

In the broader market, the BSE smallcap index rose 1.35 per cent and midcap index climbed 0.96 per cent. All sectoral indices ended in the green, with IT climbing 2.52 per cent, bankex (1.72 per cent), realty (1.64 per cent), energy (1.61 per cent) and financial services (1.45 per cent).