Closing Bell: Sensex, Nifty Record Closing Highs; ITC Shares Jump 5%

Top gainers on the 50-scrip Nifty index wereITC, Indian Oil, Tata Motors, Hindalco Industries and Titan.

Stock markets, BSE benchmark index Sensex closing 352 points higher at 37,336 on Friday. The NSE Nifty jumped 111 points, or 1 per cent, to settle at 11,278.

With that, both key indices registered fresh record closing highs. Gains on Friday were led by buying witnessed in banking, FMCG and metal stocks.

Top gainers on the 50-scrip Nifty index were ITC, Indian Oil, Tata Motors, Hindalco Industries and Titan, closing with advances of around 3-5 per cent each.

ITC was the top gainer on both Sensex and Nifty, a day after the biggest cigarette maker in the country beat analysts’ estimates of its net profit in April-June period.

Friday also marked the opening of the fresh derivatives series, a day after expiration of the July series. The markets will now turn focus on the Reserve Bank of India (RBI) policy statement slated for release on Wednesday, say analysts.

“Markets won’t necessarily react negatively if there is a rate hike with positive commentary from RBI,” news agency Reuters cited 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.”

Heavyweights Reliance Industries and ICICI Bank closed 1.6 per cent and 2.3 per cent higher, ahead of earnings announcements due later in the day.

Bharti Airtel shares closed 1.3 per cent higher, after hitting a three-week high during the session, a day after posting a surprise profit for the June quarter.

Hindalco Industries shares rose 3.6 per cent. On Thursday, the company had confirmed acquisition of US aluminium processor Aleris Corp for $2.6 billion by its unit, Novelis.

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