Indian equity markets surged 1% on Friday as global crude oil prices fell after having surged above $75 a barrel on Thursday. Also better-than-expected Jan-Mar earnings boosted sentiment.

The benchmark S&P BSE Sensex rose 0.87% to close at 39,067.33. The NSE Nifty 50 Index rose 0.97% to end at 11,754.65 points.

“The volatility in stocks in the last couple of sessions was primarily led by the surge in crude oil prices. Foreign inflows remain strong and will help keep up the momentum," Bloomberg reported quoting Rajesh Cheruvu, chief investment officer at WGC Wealth. “Earnings so far have come in line with expectations."

Brent crude traded $73.05/bbl, down 1.75% from its previous close. Oil has climbed more than 40% this year amid output cuts by the Organization of Petroleum Exporting Countries and its allies and disruptions from Venezuela to Libya. It has also received a boost from the recent U.S. decision to end waivers on Iranian sanctions.

Of the 11 Nifty companies that have announced their fourth quarter results so far, nine have either met or exceeded analyst estimates. Hero MotoCorp Ltd and Yes Bank Ltd are scheduled to announce results later today.

Investors await US GDP data due later Friday for potential confirmation that the US economy was outperforming its peers. US GDP probably expanded 2.3% quarter on quarter in the first quarter compared with a 2.2% expansion in the previous three months, according to a Bloomberg survey.

Back home, Tata Steel Ltd surged 6.7% to 545 after the company reported better-than-expected consolidated net profit of 2,430.92 crore for the March-ended quarter, on a revenue of 41,186 crore. According to Bloomberg estimates, consolidated revenue was seen at 43,725 crore and net profit at 2,194 crore for the quarter.

Private banks traded higher after Axis Bank Ltd reported strong March quarter earnings along with a fall in bad loans. It reported a profit of 1,505 crore compared to a loss of 2,189 crore a year ago. Gross and net bad loans fell for the fourth consecutive quarter, which resulted in provision figures declining to a 12-quarter low.

Other private banks also traded higher. ICICI Bank rose 3%, Kotak Mahindra Bank was up 1.3%, DCB Bank was 1% higher, and Indusind Bank rose 0.8%.

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