Indian indices ended higher on Friday, following a rise in global peers, mainly led by financials and metal stocks as commodity prices rose, even as domestic coronavirus cases clocked another record high.
The Sensex ended 257 points higher at 49,206 while the Nifty rose 98 points to settle at 14,823. Both indices were up around 1 percent for the week.
"Market opened with a gap up tracking heavyweights gains and was able to maintain its optimism to the end, supported by the global market. Global bourses were largely positive as easing restrictions on movement in the US & Europe along with the expectation of better US job data signalled a faster economic rebound in the western markets. Metals stocks are continuing its upbeat movement on improved sectoral outlook while mid-cap stocks underperformed their peers," Vinod Nair, Head of Research at Geojit Financial Services.
Broader markets were mixed for the day with the midcap index down 0.5 percent and smallcap index up 0.6 percent.
On the Nifty50 index, Tata Steel, Hindalco, Adani Ports, JSW Steel and SBI Life were the top gainers while Tata Consumer, Bajaj Auto, Hero Moto, Eicher Motors and UPL led the losses.
Among sectors, Nifty Metal surged the most, up over 4 percent as commodity prices rose. A 7 percent rise in Tata Steel as brokerages lifted their target price post March quarter earnings also lifted the sentiment.
Meanwhile, Nifty Bank, Nifty Fin Services, and Nifty FMCG also ended the day in the green whereas Nifty Auto and Nifty IT were negative for the day.
Among individual stocks, share price of SBI Life Insurance Company (SBI Life) rose 3 percent as selling overhang eased on Friday after 4.1 crore shares of the firm changed hands via block deals.
Tata Consumer Products declined 3.5 percent after the company’s March quarter earnings missed street expectations.
The share price of Praj Industries soared 7 percent after the company's net profit more than doubled in the March quarter.
(Edited by: By Pranati Deva)
First Published: IST