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Closing Bell: Sensex ends 214 points higher, Nifty above 11,350; financials lead

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The Indian benchmark equity indices, Sensex and Nifty ended higher Friday led by gains in financial and FMCG stocks amid positive momentum in the global markets.

Closing Bell: Sensex ends 214 points higher, Nifty above 11,350; financials lead
The Indian benchmark equity indices, Sensex and Nifty ended higher Friday led by gains in financial and FMCG stocks amid positive momentum in the global markets.
The Sensex ended 214.33 points or 0.56 percent higher at 38,434.72 while the Nifty gained 59.40 points or 0.53 percent to close at 11,371.60. Broader indices participated in the rally with Nifty Midcap100 index gaining 0.49 percent while Nifty Smallcap100 rising 1.03 percent.
For the week, the market ended on a positive note with benchmarks up 0.5 percent each.
Among sectors, Nifty PSU Bank, Nifty Private Bank, Nifty Financial Services and Nifty Realty rose 1 percent each followed by Nifty FMCG, Nifty Pharma and Nifty AUto. Nifty Metals, Nifty IT and Nifty Media ended in the red.
HDFC Bank and ICICI Bank were the biggest contributors to Nifty Bank’s gain of 300 points.
"We have successfully closed above the 11,350 levels. The trend continues to remain positive but trading will be at an important flux on Monday as we have the monthly expiry. We are all set to get to the 11,500 levels but we must hold 11,100-11,200 as that would prove to be a crucial support range," said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.
NTPC, PowerGrid Corporation, Asian Paints, HDFC Bank and Hero MotoCorp led gains among Nifty constituents while ZEEL, Hindalco Industries, Bharti Airtel, ONGC and Tata Steel were the top index losers.
GMM Pfaudler shares closed 2 percent higher after the company said that it will buy a majority stake in the group’s global business from German private equity firm Deutsche Beteiligungs AG Fund VI (DBAG).
The share price of Indian Overseas Bank ended over 2 percent higher after the bank reported a net profit of Rs 120.69 crore in the first quarter of fiscal 2021 as against a loss of Rs 342.08 crore in the year-ago period. The bank’s net interest income (NII) in Q1FY21 rose 9.6 percent to Rs 1,412.32 crore from Rs 1,288.46 crore, YoY.
Globally, stock markets enjoyed cautious gains on Friday, taking their cue from Wall Street tech shares, but tepid economic data and lofty valuations reined in the advances in the wake of huge rally that has wiped out coronavirus losses.