Mumbai, The Indian stock market surged on Friday with the BSE Sensex closing above the 37,000 mark and Nifty50 on the National Stock Exchange settling just over 10,900 points.

Healthy buying in oil and gas, energy, consumer durables and finance stocks lifted the indices higher.

Rahul Sharma, Market Strategist and Research Head, Equity99 Advisor, said: "Markets settled higher for the fifth straight week today with strong gains in oil and gas along with financial stocks. The broader market also traded higher, adding more support to the rally."

He added that with Nifty50 breaking the crucial resistance zone, a sign of new bullishness has emerged in the market. Encouraging earnings commentary from index-heavyweight stocks also cheered the traders, Sharma said.

The BSE Sensex closed at 37,020.14, higher by 548.46 points or 1.50 per cent from the previous close of 36,471.68.

It had opened at 36,547.75 and touched an intra-day high of 37,125.98 and a low of 36,512.92 points.

The Nifty50 closed at 10,901.70, higher by 161.75 points or 1.51 per cent from its previous close.