Markets end at closing high as Sensex zooms 350 points

Markets end at closing high as Sensex zooms 350 points

NEW DELHI: Equity markets finished off the week’s trading on a high note as Sensex and Nifty gained a per cent each to end at closing highs.

The 30-share BSE index gained 352.21 points to close at 37,336.85 while the broader 50-share NSE index went up 111.05 points to finish at 11,278.35. This was after the markets opened on with impressive gains and consolidated on them through the trading session.

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In intra-day trading Sensex and Nifty hit all-time highs of 37,368.62 and 11,185.85 respectively.

The ITC surged more than 5 per cent to a year-high after June-quarter profit beat expectations late on Thursday. ITC accounted for about a quarter of the broader NSE index’s gains.

Bank shares extended gains with the index of state-run bank stocks rising 1.4 per cent. The index rose 7.9 per cent in the last three sessions, after lenders lined up to enrol for a scheme for faster bad-loan resolution.

Markets will now turn focus on the RBI policy meet next Wednesday.

“Markets won’t necessarily react negatively if there is a rate hike with positive commentary from RBI,” news agency Reuters quoted Anita Gandhi, whole-time director at Arihant Capital Markets, as saying.

“With good monsoon (rains) and strong corporate results, expect the market to continue its bullish trend with upside of another 100/150 points on Nifty levels in the near term,”she added.

Buoyed by ITC’s performance, the Nifty FMCG sub-index gained more than 2 per cent. Nifty Metal sub-index also clocked similar gains.

Tata Motors, Tata Steel, ICICI Bank and Bajaj Auto were among the other high-performing stocks.

(With Reuters inputs)

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