Markets settle with gains after two days of fall

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Benchmarks Sensex and Nifty closed higher on Friday after two days of declines, supported by buying in metals, telecom and auto stocks amid a strong trend in global markets.

Automakers led by Maruti Suzuki India, Hyundai, Mahindra and Mahindra reported strong wholesale sales of passenger vehicles and GST collections crossing INR 1.50 crore for the third consecutive month in May, adding to optimism.

The 30-share BSE Sensex index rose 118.57 points, or 0.19 percent, to settle at 62,547.11 points. During the day, it jumped 291.3 points, or 0.46 percent, to 62,719.84 points.

NSE Nifty advanced by 46.35 points, or 0.25 percent, to close at 18,534.10.

Tata Steel was the biggest gainer in the Sensex package, up nearly 2 percent, followed by Maruti, Mahindra & Mahindra, Sun Pharma, Larsen & Toubro, Titan, Bharti Airtel, Power Grid, ITC, State Bank of India and Nestle.

In contrast, Infosys, Wipro, HCL Technologies, Tata Consultancy Services, IndusInd Bank, Tech Mahindra, Reliance Industries and Bajaj Finance were among the latecomers.

In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed in the green.

Stock markets in Europe were trading in positive territory. US markets closed higher on Thursday.

Goods and Services Tax (GST) collections registered a 12 percent rise in May at more than INR 1.57 crore, according to official data released on Thursday.

Manufacturing activities in India advanced further and touched a 31-month high in May, supported by a stronger increase in new orders and favorable market conditions, which in turn generated more jobs, according to a monthly survey on Thursday.

Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra and Toyota Kyrlskar Motor on Thursday reported strong wholesale passenger car sales in the domestic market for the month of May on strong demand for the SUV.

Brent crude, the global benchmark for oil, jumped 1.74 percent to $75.57 a barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 71.07 crore on Thursday, according to exchange data.

The rupee rose 9 pounds to reach 82.31 (temporary) against the US dollar on Friday.

For the second consecutive day, the Sensex fell by 193.70 points, or 0.31 percent, to settle at 62,428.54 points on Thursday. The Nifty Index fell by 46.65 points, or 0.25 percent, to close at 18,487.75 points.