Mumbai (Maharashtra) [India], May 20 (ANI): The Indian stock markets posted a strong recovery on Friday with benchmark indices, Sensex and Nifty, surging around three per cent led by around six per cent rally in the index heavyweight Reliance Industries.

The 30 stock SP BSE Sensex surged 1534.16 points or 2.91 per cent to close at 54,326.39 points against its previous day's close at 52,792.23 points.

Recovering the previous day's losses, the Sensex started the day with significant gains at 53,513.97 points and surged to a high of 54,396.43 points in the intra-day.

The Sensex had lost 1,416.30 points or 2.61 per cent on Thursday amid the global meltdown.

The broader Nifty 50 of the National Stock Exchange surged 456.75 points or 2.89 per cent to 16,266.15 points against its previous day's close at 15,809.40 points.

The Nifty had lost 430.90 points or 2.65 per cent on Thursday.

Dr Reddy's Laboratories surged 8.10 per cent to Rs 4246.30.

The index heavyweight Reliance Industries Limited soared 5.77 per cent to Rs 2622.15. Nestle India soared 4.74 per cent to Rs 16863.85. Tata Steel jumped 4.22 per cent to Rs 1170.20.

Gains were across the board. All the 30 scrips that are part of the Sensex closed in the positive. Out of the 50 scrips that are part of the Nifty, 48 closed in the positive.

One-third of the Sensex scrips gained more than three per cent. Out of the 30 scrips, 19 gained more than 2 per cent.

LT, Axis Bank, Sun Pharma, IndusInd Bank, State Bank of India, HDFC, ICICI Bank, Hindustan Unilever and Kotak Bank were among the major Sensex gainers. (ANI)