Closing bell: Nifty closes at record high, Sensex surges 284 points powered by banking stocks

BSE Sensex and NSE’s Nifty 50 gained on Friday following positive cues from global markets. Asian shares edged higher after China and US agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. Oil prices were on the defensive, on a weakening outlook for crude demand despite their gains in part to a recovery in global shares. Members of the Reserve Bank of India’s Monetary Policy Committee expressed their concerns about meeting the medium-term inflation target, given that headline inflation had been above the 4% target for seven out of the past eight months. 
BSE Sensex closed higher by 284.32 points, or 0.75%, to 37,947.88, while the Nifty 50 rose 85.70 points, or 0.75%, to close at 11,470.75. In intraday trade, the Sensex surged 358.76 points to 38,022.32 and the Nifty 50 jumped 101.4 points to 11,486.45.For the week, the Sensex rose 0.4% and the Nifty 50 gained 0.2%BSE MidCap and SmallCap advanced 0.88% and 0.94%, respectively. All the sectoral indices on BSE, except oil and gas, ended with gains led by basic materials, FMCG, metal, bankex and healthcare.Yes Bank, Grasim, ICICI Bank, SBI and Tata Motors were among the top gainers, whereas GAIL, Coal India, HeroMoto Corp., ONGC and Bharti Airtel were among the major losers.
Source- https://www.livemint.com/