The Indian benchmark indices scaled fresh highs on Friday led by a rally in bluechip stocks like Reliance Industries, HDFC, Infosys, Tata Steel, ITC, Larsen & Toubro and ICICI Bank. The BSE Sensex breached the 31,000-mark and touched an all-time high of 31,074.07 before closing for the day at 31,028.21, up 278.18 points.
The broader 50-share NSE Nifty also went past the 9,600-mark, touching the high point of 9,604.90, closing at 9,595.10, 85.35 points higher.
With the weather office forecasting an earlier-than-expected onset of monsoon in Kerala on May 29, the markets closed for the weekend with bullish sentiments riding high on anticipation. Positive corporate earnings and upbeat global markets boosted sentiment on Dalal Street. Overnight, in the US markets S&P 500 and Nasdaq hit record closing highs on Thursday.
Metals emerged as the top sectoral gainer with S&P BSE METAL index trading 3.56 per cent higher at 11,422.07 at the same time. Tata Steel, Hindalco and Vedanta were the major contributors to the surge in the index
ITC Ltd and Reliance Industries contributed 50 per cent to the indices with ITC hitting its 52-week high. In the 30-share BSE Sensex, Tata Steel, BHEL and Adani Ports were the major gainers along with ITC and Reliance. The pharma industry continued to slump as Sun Pharma, Cipla, Lupin and Dr. Reddy’s featured among the top losers.
Sensex ended at 31,028, 278 points higher whereas the Nifty settled at 9,595, 278 points higher.