Mumbai: Key equity indices surged on Friday led by gains in information technology and metal shares. The S&P BSE Sensex gained 246.68 points, or 0.65%, to close at 38,127.08, and Nifty 50 rose 70.50 points, or 0.63%, to 11,305.05.

In the broader market, the S&P BSE Mid-Cap index was up 0.24%. The S&P BSE Small-Cap index was up 0.38%.

The market breadth was largely negative. On the BSE, 1108 shares rose and 1358 shares fell. A total of 162 shares were unchanged. On the Nifty, 35 stocks advanced and 15 declined.

BSE Metal Index gained 2.44% to close at 8703.89. Hindustan Zinc rose 1.49%, Tata Steel gained 2.94%, Vedanta jumped almost 4%, and Hindalco Industries closed 2.63% higher.

IT Index gained 1.74% to close at 15466.23. Hexaware Technologies surged 3.05%, Tech Mahindra (up 1.49%), HCL Technologies (up 1.55%).

TCS was down 0.97% at 1985.50 after the IT major reported 1.09% fall in consolidated net profit to 8,042 crore. The company’s earnings missed the Street’s estimates on various parameters. It reported a constant currency revenue growth of 8.4% year-on-year compared with expectations of 9-9.5%.

Shares of Kolkata-based Bandhan Bank Ltd surged 20% amid reports that lender’s stock will be added in the MSCI Index with effect from 16 October. However, it closed with 15.08% gains at 583.40 on the BSE.

Reliance Capital Ltd crashed 12.28% to close at 17.50.The stock was the biggest loser in the BSE's 'A' group. On the BSE, 7.95 lakh shares were traded on the counter so far as against the average daily volumes of 21.36 lakh shares in the past one month.

Dewan Housing Finance Corporation Ltd lost 9.81% to close at 21.15. The stock was the second biggest loser in 'A' group. On the BSE, 1.93 lakh shares were traded on the counter so far as against the average daily volumes of 22.96 lakh shares in the past one month.

Indiabulls Ventures gained 4.47% to close at 104.05. The company’s board of directors approved a proposal to buy back upto 6.66 crore fully paid-up equity shares, or 12.61% equity, at 150 each. The total buyback size is 1,000 crore.

Shares of state-run oil marketing companies sank after crude oil prices firmed up in the international commodity market. Indian Oil Corporation fell 3.21%, Hindustan Petroleum Corporation declined 0.82% and Bharat Petroleum Corporation lost 0.41%.