Sensex, Nifty hit new closing highs; post 4th weekly gain

Sensex and Nifty on Friday hit new closing highs of 31,273 and 9,653, respectively on gains mainly in auto and pharma counters, helping the indices post fourth straight weekly gain ahead of the RBI policy next week.

Also tracking upbeat Asian markets and a higher opening of European bourses, the 30—share BSE Sensex rallied 135.70 points and NSE Nifty closed 37.40 points higher.

In the auto space, shares of country’s largest two-wheeler maker Hero MotoCorp emerged the top gainer by climbing 2.82 per cent to Rs 3,840 apiece after the company posted a 8.7 per cent rise in sales in May.

Besides, pharma stocks contributed a big deal, with shares of Cipla, Dr Reddy, Lupin and Sun Pharma rising in the range of 1.24 per cent to



2.63 per cent.

Vinod Nair, Head of Research, Geojit Financial Services Ltd for your perusal, “Auto stocks took the lead with positive sale figures in the month of May... Investors are accumulating pharma stocks on account of lower valuations and expectations of better trade relationship with European and Russian markets given Modi’s recent visit...”

The key benchmark indices also mirrored global bullishness after overnight record closing on American bourses on positive US manufacturing and Employment data.

After a two—day brief consolidative pause, the market moved range—bound but near life highs during most of the session, with buying mostly in auto, healthcare, realty, consumer durables and telecom stocks.