Stocks remain resilient, Nifty closes above 11,000 mark

Equity benchmark indices reversed early losses on Friday and closed marginally higher with auto and PSU banks lifting the Nifty above the 11,000 mark.

The BSE S & P Sensex closed 39 points higher at 37,350 while the Nifty 50 was up by 18 points to 11,048.

At the National Stock Exchange, sectoral indices were mixed with IT, media, metal and pharma in the red. Nifty PSU bank was up by 1.5 per cent, auto by 1.2 per cent and private bank by 0.9 per cent.

Among stocks, UPL continued to be the top gainer with a margin of 4.5 per cent at Rs 551 per share. Power Grid, Maruti, Yes Bank, Grasim, IndusInd Bank and GAIL gained between 2.2 to 2.9 per cent each.

Indiabulls Housing Finance reversed morning losses of over 8 per cent and closed 1.9 per cent higher at Rs 561.70. Axis Bank and ITC too showed marginal gains.

But Tata Consultancy Services, Vedanta, HCL Tech, Bharat Petroleum Corporation and Sun Pharma closed in the negative territory.

Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent, though it was still down 1 per cent for the week.

Japan's Nikkei was firmer by 0.06 per cent Shanghai Composite Index rose by 0.3 per cent and the Hang Seng by 0.9 per cent.

The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.