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The benchmark indices settled higher on Friday taking cues from their Asian peers.
The S&P BSE Sensex ended at 37,948, up 284 points while the broader Nifty50 index settled at a new high of 11,471 levels, up 86 points.Among key stocks, the fast moving consumer goods (FMCG) major ITC rose over 2 per cent to end at Rs 313 levels on the BSE. The stock hit a fresh 52-week high of Rs 315 earlier today. ICICI Bank and State Bank of India also ended higher in a range of 1.8 to 3.0 per cent on the BSE. With record inventory, government-owned Food Corporation of India (FCI) wants to expedite foodgrain sales to make warehouse space available for next season’s procurement, as well as to calm the heated market. After record grain output in 2017-18, it saw a sharp rise in rice and wheat procurement with aggressive Minimum Support Price (MSP) buying.

As of end-June, it had a record 24.3 million tonnes of rice and 43.8 mt of wheat. Since then, it has released 5.3 mt of both, bringing down their total inventory in the central pool at 62.7 mt. However, even this is a record Shares of paper companies were trading higher on the bourses on expectations of a positive outlook for the current July-September quarter.

JK Paper, Ruchira Paper, West Coast Paper, Star Paper Mills, NR Agarwal Industries, Shreyans Industries and Kuantam Paper were trading higher in the range of 4% to 10% on the BSE. In comparison, the S&P BSE Sensex was up 0.81% or 305 points at 37,969

TOP GAINERS:LUPIN,GRASIM,YESBANK

MAJORLOOSERS: GAIL,ONGC,BHARTIYARTL