Mumbai, Oct 18 (IANS) Indian markets closed with gains for the sixth day in a row on Friday over a strong inflow of foreign funds owing to a deal being reached between the UK and the EU on Brexit and progress in US-China trade talks.
The Sensex closed 246.32 points higher at 39,298.38, after flip flopping between the high and low of 39,361.06 and 38,963.60, respectively. The broader Nifty settled 75.50 points higher at 11,661.85.
“Market is extending the gains in anticipation of better quarter results from next week after the subdued start this week. Globally, improvement in sentiments on Brexit deal and trade talks are helping the market led by positive inflows from FIIs,” said Vinod Nair, Head of Research, Geojit Financial Services.
BHEL gained 21.86 per cent higher after reports that the government is looking to sell its stake in the company. Besides, Reliance Industries jumped 1.40 per cent ahead of its Q2 results on Friday.
The top Nifty50 gainers were Yes Bank, up 8.23 per cent, followed by Coal India, Adani Ports and Maruti Suzuki, which gained in the range of 3 to 4 per cent. Tata Motors witnessed some profit booking after strong buying on Wednesday. It closed 2 per cent lower.
Zee Entertainment Enterprises ended as the top loser, down 5.58 per cent.
Foreign Institutional Investors (FII) have purchased over Rs 3,000 crore in October in light of supportive global markets.