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New Delhi: Stocks in India, Sensex and Nifty finished Friday higher on gains in IT, metals, pharmaceuticals and automotive stocks.
The Sensex closed 174.29 points, or 0.33 percent, higher, hitting a record high close of 52,474.76; while the Nifty added 61.60 points, or 0.39%, to a fresh closing high of 15,799.35. Broader markets were also in positive territory during the day, with the mid-cap index up 0.2 percent and the small-cap index up 0.6 percent.
Among the sectors, the Nifty Metal Index rose the most, followed by Nifty IT, Nifty Pharma and Nifty Auto. Sales were observed in the banking, financial and FMCG sectors. On the Nifty50 index, the growth leaders were Tata Steel, JSW Steel, Coal India, Dr Reddy’s Laboratories and Hindalco Industries, while Axis Bank, Divi’s Laboratories, IndusInd Bank, L&T and Bajaj Finserv led the losses.
Neeraj Chadawar, Head of Quantitative Equity Research at Axis Securities, said: “The Indian benchmark index hit an all-time high after receiving positive signals from the US market in yesterday’s trading session. transition. US bond yields often respond to rising inflation, but they fell below 1.45% yesterday, below their recent high of 1.7%. With such a comfortable range of bond yields, optimism was evident in the stock market. The market will keep a close eye on the results of the FOMC meeting, which is scheduled for early next week, which will further determine the direction of the market. It remains to see the assessment of the economy and inflation forecast from the Fed early next week. “
Information technology (IT) stocks were in demand on exchanges on Friday, with Wipro and Tech Mahindra hitting all-time highs, while Tata Consultancy Services (TCS) and Infosys were close to their all-time highs on the BSE. Apart from Wipro and Tech Mahindra, just 10 stocks including Mastek, Mindtree, Happiest Minds Technologies, Mphasis and Coforge also hit new highs in intraday deals on Friday.
Gold and silver prices rose again on Friday after consolidating over the past three days. On the MCX, August gold futures rose 0.15% to INR 49,270 from the previous closing price of INR 49,198. Silver futures for July rose 0.58% to Rs 72,405 a kg. Silver futures closed at Rs 71,999 on Thursday.
Internationally, spot gold prices returned to $ 1,900 an ounce, fueled by a pullback in the dollar and lower bond yields after US inflation data were deemed insufficient to change the Fed’s loose monetary policy.
Euro STOXX 600 added 0.3%, London shares gained 0.6% and Paris shares – 0.4%. In Asia, the MSCI, the broadest Asia-Pacific stock index outside of Japan, last rose 0.4%.