Metals, pharma scrips lead the rally, Nifty closes above 11,600 mark

Mumbai (Maharashtra): Equity benchmark indices traded in the positive zone on Friday with metals and pharma stocks leading the rally.

The BSE S&P Sensex closed 127 points higher at 38,673 while the NSE Nifty 50 gained 54 points to wind up the day at 11,624.

On sectoral specifics, the metals index closed 2.37 percent high with shares of Jindal Steel, SAIL, NALCO, Vedanta and JSW Steel in the lead.

The Nifty Pharma index gained 1.6 percent amid heavy buying in Aurobindo Pharma, Cadila Health, Piramal Enterprises, and Divis Lab.

Vodafone Idea rallied more than 3.7 percent after reports of seeking an equal stake in a proposed Rs 40,000 crore optic fiber joint venture with Bharti Airtel.

Shares of Adani Group also gained following a report that Adani Ports may be eyeing GMR’s Kakinada Special Economic Zone in Andhra Pradesh.

Among other prominent gainers were Indiabulls Housing Finance, Infosys and HCL Tech. But Yes Bank, IndusInd Bank, Axis Bank, Bajaj Auto, and ITC suffered losses.

Meanwhile, Asian shares closed in the green led by a surge in Chinese equities.

The mood was cheerful after US officials said China has made proposals in trade talks with the United States on many new issues including on forced technology transfer.