The Indian market posted major gains, following the strong global cues. Nifty advanced 86 points to end at the record close of 11,471. The Sensex gained 284 points, but ended the session 76 points shy of record closing level of 38,024 hit on August 9. ITC was the biggest Index gainer followed by another FMCG major HUL and banking stocks like SBI and ICICI Bank. While market had a broad-based gain today, it was curtailed to an extent by auto stocks such as Hero Moto, Maruti, Eicher and the financial heavyweight HDFC.
In the broader markets, Nifty Bank posted a gain of more than 300 points, of which 160 points were contributed by SBI and ICICI Bank. Nifty Midcap index too gained on the same line as benchmark indices, saw a move upward of 222 points to 19,443.
Futures market saw Nifty 11,500 call shedding nearly 8.5 lakh shares in the open interest with premium moving 38 percent higher while Nifty 11,400 Put Call added a little over 11 lakh shares in the open interest with premium slipping 40 percent.
The Nifty August Futures premium narrowed to 15 points from a gap of 26 points seen on Thursday. Apollo Hospitals, NBCC, ACC, Oracle Fin were a few stocks that saw maximum addition to the open interest.
On the global front, Asia markets largely advanced, following a strong lead in from Wall Street and positive news on the U.S.-China trade front. The Nikkei 225 traded up by 0.4 percent to close at 22,270. Most major sectors in Japan rose, with the shipping sector leading the way — closing up by 2.4 percent. In South Korea, the Kospi rose 0.3 percent to close at 2,247, with the tech industry and the auto sector mostly down. Major auto manufacturer Kia Motors fell 0.9 percent by the end of the day. Down Under, the ASX 200 edged around 0.2 percent higher to close at 6,339. Fortescue Metals ended the trading day down 1.2 percent.
In the Greater China region, markets were mixed after beginning their trading day in positive territory. The Hang Seng Index closed 0.4 percent higher with the most sectors in mixed territory. Also in focus was Tencent, which had seen its shares slide earlier in the week following a string of negative news. On the mainland, the Shanghai Composite fell by 1.3 percent to close at 2,669. Fosun Pharma was among those taking the largest hit, closing the day down by 6.7 percent.The moves came after a string of positive news ranging from strong corporate earnings to reports of a revival in US-China trade talks all boosting investor sentiment.