Sensex Ends Above 56,000 For First Time As Pharma, Metal Stocks Lead The Rally

The equity markets closed at record levels on the last trading day of the week. The Sensex closed above 56,000 for the first time in history led by advances in pharma and metal stocks on Friday, August 27.

At close, the BSE Sensex was up 175.62 points at 56,124.72, and the Nifty was up 68.30 points at 16,705.20. Shares of UltraTech Cement were the top index gainer, advancing over three per cent, while Larsen, Dr Reddys Labs, and Bajaj Finserv surged between 1-2 per cent each. On the flipside, Infosys and IndusInd Bank were the top losers as they dipped over a per cent each.

The broader markets showed resilience as both BSE Midcap and Smallcap indices gained 1.04 and 0.93 per cent, respectively. Shares of Hindustan Aeron, ABB, and MphasiS were the top Midcap gainers surging between 5-7 per cent each in the intraday session on Friday.

In the primary market action, GoAir's Rs 3,600 crore IPO has got some relief after staying in abeyance by the market regulator amid an enquiry against the Wadias, the promoters of the company. The stalled IPO will now hit the bourses in October or November, as per a media report.

Tracking the weekly performance of the indices, the headline index Nifty-50 added more than 1.5 per cent during the week, and the BSE Sensex added as much as 1.4 per cent in the week. Sector-wise, the Nifty Energy counter gained more than three per cent, while the IT, Financials, and Metal gained more than two per cent each during the week.

In the overall market performance on Friday, 1080 shares advanced and 692 shares declined in the NSE on Friday.

Moving ahead, experts feel that IT, Banks, Pharma, and Sugar counters will be in focus in the trading session on Monday. The rally is also likely to sustain and market will continue to make new highs in the coming days as the Nifty today marked a fresh high along with equal support from broader markets, experts said.