Sensex closes 247 points higher after volatile trade, metal stocks gain

Equity benchmark indices witnessed wild gyrations on Friday but closed in the positive zone as bullish market mood prevailed in global markets after the first day of trade talks between the top US and Chinese negotiators.

The BSE S & P Sensex opened at 37,994, saw a high of 38,345 and a low of 37,738 before closing at 38,127, nearly 247 points higher than its previous close.

The Nifty 50 wound up 67 points higher at 11,301 with all sectoral indices in the green at the National Stock Exchange except for media and private banks. Nifty metal closed 2.8 per cent higher.

Among stocks, Vedanta was up by 3.9 per cent at Rs 146.70 per share while Hindalco gained by 2.7 per cent and Tata Steel by 2.6 per cent.

The other prominent gainers were Cipla which moved up by 4.7 per cent, Infosys by 4 per cent, Tata Motors by 3.7 per cent and ONGC by 3.1 per cent.

But IndianOil Corporation dropped by 3.3 per cent, Yes Bank by 2.9 per cent, GAIL by 1.7 per cent and Reliance Industries by nearly one per cent.

Meanwhile, Asian shares and US stock futures rose after US President Donald Trump said he will meet with China's top trade negotiator.

Following on from gains on Wall Street, Japan's Nikkei stock index edged higher by 1.15 per cent, Hong Kong's Hang Seng by 2.34 per cent, Shanghai composite index by 0.88 per cent and South Korea's Kospi by 0.81 per cent.