Indian shares ended at record closing highs on Friday, fuelled by IT, metal and pharma sector stocks, as more states eased pandemic restrictions. Meanwhile, the sentiment was also lifted as the US inflation fitted in with Federal Reserve’s repeated assertion that higher inflation will be transitory, offering relief to global stock markets.
The Sensex ended 174 points higher at a record closing high of 52,475 while the Nifty rose 62 points to settle at a new closing high of 15,799.
In intra-day deals, Sensex jumped as much as 341 points to its new record high of 52,641.53 while Nifty added 98 points to its fresh high of 15,835.55.
Both indices extended gains for the fourth straight week , up nearly a percent each.
"Taking cues from the strength of the mother market US where S&P 500 touched record highs, Sensex rose to record highs touching 52641.53 in early morning trade. The rally was led by IT majors TCS, Infy & HCL Tech with RIL also contributing to the rally. The banking stocks have been on the backfoot on concerns of rising NPAs. The fact that the US markets have shrugged off inflation fears have given ammunition to the bulls. However, the rally in some mid and small-caps of unproven track record is a cause of concern," said VK Vijayakumar, Chief investment Strategist at Geojit Financial Services.
Broader markets were also in the green for the day with the midcap index up 0.2 percent and smallcap index up 0.6 percent.
On the Nifty50 index, Tata Steel, Coal India, JSW Steel, Dr Reddy's and Powergrid were the top gainers while Axis Bank, HDFC Life, IndusInd Bank, Bajaj Finserv and L&T led the losses.
Among sectors, Nifty Metal surged nearly 3 percent while Nifty IT and Nifty Pharma rose 1-1.5 percent each. Nifty Auto and Nifty Energy was also positive for the day, adding to the gains. However, Nifty Bank, Nifty FMCG and Nifty Fin Services fell around 0.2 percent each for the day.
Trading in eClerx Services shares were frozen at the upper end of the 20 percent intraday circuit filter after the company reported strong earnings for the quarter ended March. There were only buyers for the stock at Rs 1617.35, also a 52-week high.
(Edited by : Pranati Deva)
First Published: IST