The week ended on a good note for investors and the rupee as lower crude oil prices along with a recovery in the global markets saw the Sensex zooming over 700 points in its biggest single-day gain in 19 months even as the domestic currency strengthened by 55 paise against the dollar.

This comeback was in sharp contrast to the developments on Thursday when global factors led to domestic equities taking a huge knock. One of the key reasons behind Friday’s surge was the fall in crude oil prices to below $81 per barrel from over $86 per barrel a few days ago. Investors cashed in on the opportunity to accumulate beaten down stocks. A good start to the earnings season, apart from the rally in the rupee, also helped.

Moreover, there was encouraging news from other markets with Hong Kong’s Hang Seng rising 1.94 per cent, the Taiwan Stock Exchange by 2.44 per cent and Japan’s Nikkei by 0.46 per cent. A recovery was seen in the European markets as well.

The 30-share benchmark index opened in the green at 34291.92 and hit an intra-day peak of 34808.42 — a gain of more than 807 points from the last close. It later gave up some of the gains, but still ended sharply higher by 732.43 points, or 2.15 per cent, at 34733.58. The Sensex, thus, posted its biggest single-day gain since March 2017.

The broader Nifty ended the week at 10472.50, up 237.85 points, or 2.32 per cent after hitting a high of 10492.45 during the session.

“Domestic market sentiment was upbeat backed by a recovery in global stocks. Additionally, traders took to buying stocks at lower levels as well hoping for a short-term pullback,” said Abhijeet Dey, senior fund manager-equities, at BNP Paribas Mutual Fund.

The rupee strengthened 55 paise to end at 73.57 against the dollar — its biggest gain in over three weeks.