Sensex closes above 56,000 for the first time; Nifty scales 16,700

The Sensex climbed 175 points to close above the 56,000-mark for the first time on Friday, driven by strong buying in infrastructure, finance, and pharma stocks despite lacklustre global cues.

A strengthening rupee, which surged 53 paise against the US dollar, further bolstered sentiment, traders said.

Staging a smart rebound after a gap-down opening, the 30-share BSE index settled 175.62 points, or 0.31 per cent, higher at its new closing peak of 56,124.72.  The broader NSE Nifty gained 68.30 points, or 0.41 per cent, to finish at a record 16,705.20.