Sensex, Nifty closed higher; Records Best Yearly Gains

Equity benchmark indices moved up on positive territory through first afternoon hours on Friday and ended on strong note on closing. The Sensex index closed 127 points higher at 38,672.91 and the NSE index Nifty50 closed at 11,623.90, up 053 points.

Indiabulls Housing, Vedanta, Grasim Industries, UPL and BPCL were the top gainers on the Nifty, while losers were GAIL, Eicher Motors, IndusInd Bank, Bajaj Auto and Infratel.

On the sectoral front, Nifty PSU bank and Private Bank indices ended in the red, and the rest all components closed in green  with Metal index being the biggest gainer (up2.37%) with major gains in Jindal Steel (+9.03%) and Steel Authority of India, (+6.11%) followed by Pharma Index (up 2.37%) with major gains in Divi’s Lab (+3.29%) and Auto sector (up 1.23%)  driven by top gains in Bharat Forg and Mahindra & Mahindra up by 3.59% and 2.90% respectively.

Financial stocks, which have a niche in benchmark indices like Sensex & Nifty, have led the rally this month. While the sectoral Bank Nifty surged 14% this month, hitting new highs. However, in today’s trade, the Nifty bank index ended flat at 30,426.80, up 0.2% with major selling pressure in IndusInd Bank and Bank of Baroda.

On yearly basis, the Sensex advanced 17.30% this financial year, the highest since 2014-15, as per market data. In line with, the NSE Nifty50 returned 14.9% during the same period, the highest since the FY ended March 2017. 

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