India's NSE index marked its highest ever close on Friday, helped mainly by financial and consumer staple stocks and as Asian peers recovered on hopes of Sino-US trade talks next week. Cement stocks such as Ramco Cements, Shree Cement, Orient Cement and India Cements surged after the government allowed the import of petcoke for use as feedstock in cement, lime kiln, calcium carbide and other industries.
Cash-strapped Jet Airways rose nearly 3 percent after a report said the company was in talks to raise up to 20 billion rupees against its forward sales. The company early on Friday deferred its first-quarter results to August 27. The broader NSE index ended 0.75 percent higher at 11,470.75. It rose 0.4 percent over the week. The benchmark BSE index ended 0.75 percent higher at 37,947.88. It gained 0.2 percent over the week.
Most sectors registered gains with defensives such as fast-moving consumer goods and healthcare adding 1.5 percent and 1.3 percent, respectively. ITC Ltd, up 1.8 percent, was the biggest boost on the NSE index, while Astrazeneca Pharma rose 3 percent after the company got permission to market its cancer treatment tablets in India. Financials recovered after closing lower on Thursday with the NSE banking index rising 1 percent, led by gains in ICICI Bank and Kotak Mahindra, up 1.5 percent each.
Shares of cash-strapped Jet Airways rose nearly 3 percent after a report said the company was in talks with a non-banking financial institution to raise up to 20 billion rupees against its forward sales. The company early on Friday deferred its first-quarter results to August 27. Shares of Lemon Tree Hotels jumped nearly 2 percent after the company signed a deal for a 90-room hotel in Andhra Pradesh, which will be operational by 2020.