Nifty soars to all-time record high close at above 11,450 pts; Sensex soars nearly 300 pts

Nifty index marked its highest ever close on Friday. While the Nifty ended well above 11,450,  Sensex closed almost 300 points higher. Sensex closed up 284.32 points or 0.75% at 37947.88 and Nifty ended higher by 79.40 points or 0.70% at 11464.40, at the close of the market hours.

With maximum gains seen among the banks, metals, FMCG, and pharma, all sectors ended in the green. Rising over 1 per cent, midcaps also witnessed a strong rally.

Cement stocks such as Ramco Cements, Shree Cement, Orient Cement and India Cements surged after the government allowed the import of pet coke for use as feedstock in cement, lime kiln, calcium carbide and other industries.

Cash-strapped Jet Airways rose nearly 3 percent after a report said the company was in talks to raise up to 20 billion rupees against its forward sales. The company early on Friday deferred its first-quarter results to August 27.

The rupee weakened marginally in the Non-Deliverable Forward or the overseas markets on Friday. Around 12.45 p.m., rupee traded at around 70.10 per US dollar, against the previous close 70.01 per dollar.

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The domestic spot currency market is closed on Friday on account of the Parsi New Year. On Thursday, rupee had touched an all-time low of 70.39-40 in the spot market and settled at a record closing low of 70.16 against the greenback.

The Indian currency has been under pressure due to weakness in its global peers and higher trade deficit.