Sustained buying in the trade on Thursday trade provided cushion to the indices that eventually led to both the Sensex and Nifty wrapping up the session with gains of over 1%. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points, or 1.42 per cent.
The Sensex had touched an alltime high of 33865.95 on November 7 and Nifty had hit a record high of 10490.45 on November 6. This is also the benchmark's highest closing since November 30, when it had finished at 33149.35.
"Markets rallied higher on Friday after the sharp bounce back seen on Thursday". The broader Nifty too put up a strong show by notching up gains of close to 1%. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.
The stocks of state-run oil marketing companies such as like Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Indian Oil Corporation recorded gains of up to 1.83% after global crude prices dropped by almost 3% to trade below $63 a barrel.
Bharti Airtel jumped 8.02 percent.
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On the other hand, Coal India (0.49%), and Dr Reddy'S Laboratories (0.09%) were the major losers in the Sensex. The central bank is widely expected to keep policy rates unchanged tomorrow and will stay focused on controlling inflation, experts said. "Sectorally, the top gainers were the FMCG, pharma, metal and auto indices", he added.
Asian markets were trading higher following a broad-based rally in United States equities. Additionally, investors were also on edge in anticipation of a violent backlash in the Middle East following US President Donald Trump's recognition of Jerusalem as Israel's capital.
Foreign portfolio investors (FPIs) utilised the rise in the market to offload shares worth Rs 675.2 crore, while Domestic Institutional Investors bought shares worth Rs 1,243 crore, provisional data showed.
Asian markets retreated, with Japan's Nikkei falling 0.37%, Hong Kong's Hang Seng declining 1.01% and Shanghai Composite Index finishing 0.18% lower. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.
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