Market risk sentiments propelled up after higher than expected China's benchmark borrowing rate cut to support its economy injected a note of optimism at the end of a volatile week. China cut its five-year loan prime rate (LPR) - which influences the pricing of mortgages - by 15 basis points on Friday, a sharper reduction than expected, as authorities seek to cushion the impact of an economic slowdown. It left the one-year LPR unchanged.

At closing bell, the benchmark S&P/ASX200 surged 81.18 points, or 1.15%, to 7,145.64. The broader All Ordinaries index added 87.71 points, or 1.2%, to 7,391.04.

Tech stocks gained the most, with Block surging 9.9% and Xero adding 3.4%. Miners also posted broad-based gains, with IGO rallying 5.1% after an update relating to its lithium operations.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 102.913, falling from above 103.5 earlier this week. The Japanese yen changed hands at 127.97 per dollar, while the Australian dollar was at $0.7045.

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