Market Rally: Indian equity benchmark indices recorded massive gains on Friday with BSE Sensex rallying more than 1000 points and Nifty50 reclaiming 17300 amid strong global cues. 

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Here are four reasons for the bullish market-

1. Wall Street shrugs off micro fears 
Wall Street bounced back after the lows of Thursday, even though core inflation data released came in above forecasts at 6.6 per cent, the biggest annual increase in 40 years. Dow Jones on Friday rallied 800 points and was above 30,000, S&P 500 Futures was 15 points high above 3000, and Nasdaq 100 futures were 23 points up, above 11,000. The optimism in the US markets was reflected in the Asian markets and the Indian market is no exception.

2. Q2 result announcements 
September quarter earning of IT giants Infosys, Mindtree, and HCL Tech have kept investor sentiment positive so far.

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3. Wholesale price-based inflation drop
The wholesale price-based inflation declined for the fourth consecutive month to 10.7 per cent in September on softening in prices of food, fuel, and manufactured items. The Wholesale Price Index-based inflation was 12.41 per cent in August and 11.80 per cent in September last year. This year, the Wholesale Price Index (WPI) touched a record high of 15.88 per cent in May.

4. Asian markets join the US rally 
Asian markets showed buoyancy following Wall Street for a while, brushing off inflation concerns. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.6 per cent in early Asia trade, Reuters reported. Australia's resources-heavy share index gained 1.6 per cent, South Korea advanced 2.1 per cent, while Japan's Nikkei jumped 2.8 per cent, the report added.