The benchmark indices settled higher on Friday taking cues from their Asian peers.
The S&P BSE Sensex ended at 37,948, up 284 points while the broader Nifty50 index settled at a new high of 11,471 levels, up 86 points.
Among key stocks, the fast moving consumer goods (FMCG) major ITC rose over 2 per cent to end at Rs 313 levels on the BSE. The stock hit a fresh 52-week high of Rs 315 earlier today. ICICI Bank and State Bank of India also ended higher in a range of 1.8 to 3.0 per cent on the BSE.
Among sectors, the Nifty Pharma index ended higher for the fourth straight day, hitting an over six-month high on the National Stock Exchange (NSE). Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Glenmark Pharmaceuticals, Lupin, Aurobindo Pharma and Cadila Healthcare from the index, were up in the range of 1 per cent to 4 per cent on the NSE.
The money and bond markets are closed today on account of Parsi New Year.
Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 per cent, a day after it hit its lowest level in a year. Japan’s Nikkei advanced 0.5 per cent.
The gains came after a Thursday rebound in US markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in US-China trade talks all boosting investor sentiment.
The meeting is set to take place as the world’s two largest economies are due to slap tariffs on billions of dollars of each other's goods on August 23, 2018, in addition to levies that took effect on July 6, 2018.
The Turkish lira strengthened against the dollar on Friday as investors weighed up a US warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson.
Economists see GDP rising at 7.5 per cent
Back home, India's economy is expected to grow at a healthy 7.5 per cent in the first quarter (Q1) of 2018-19 (FY19), lower than a seven-quarter high of 7.7 per cent in the fourth quarter (Q4) of 2017-18 (FY18), economists have said.
(with inputs from Reuters)