Sensex surges 284 pts, Nifty hits new high

Benchmark Sensex rebounded by over 284 points to close at 37,947.88 on Friday, while the NSE Nifty finished at a fresh lifetime high on the back of robust gains in FMCG, metal and banking stocks amid positive global cues. Brokers said sentiment got a lift on uninterrupted buying by domestic institutional investors, while global markets were mixed after the US and China agreed to resume trade talks.

The 30-share Sensex stayed in the green throughout the session and hit the day’s high of 38,022.32 on a flurry of buying. It finally ended at 37,947.88, up 284.32 points, or 0.75 per cent.

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The broader NSE Nifty spurted 85.70 points, or 0.75 per cent, to end at a new record of 11,470.75. It surpassed its previous closing high of 11,470.70 hit on August 9.

Except oil and gas, all sectoral indices finished with gains, led by metal, FMCG, realty, auto and banking.

Major index gainers were Yes Bank, SBI, Vedanta, HUL, Tata Motors, ITC, Tata Steel, ICICI Bank, Kotak Bank, M&M,  Adani Ports, Sun Pharma, L&T, Asian Paints, Axis Bank, Infosys, RIL, TCS, IndusInd Bank and HDFC Bank, rising up to 3.76 per cent.

It was the fourth straight week of gains for the benchmarks. The Sensex recorded a rise of 78.65 points, or 0.21 per cent, while the Nifty gained 41.25 points, or 0.36 per cent, during the week.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold equities worth Rs 825.08 crore on Thursday, provisional data showed.