Indian equity benchmark indices ended at record closing levels Friday led by strong buying in IT and metal stocks. The Sensex jumped 593.31 points, or 1.08 percent, to close at 55,437.29, while the Nifty ended 164.70 points, or 1.01 percent, higher at 16,529.10.

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Broader markets underperformed the benchmarks as the smallcap and midcap indices closed lower.

Among sectors, gains were seen in IT, FMCG, financial services and metal indices, while pharma, media and realty indices ended in the red.

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Sensex ends at fresh record high, Nifty above 16,500 led by IT; mid, smallcaps underperform

"Markets are taking comfort from the upbeat global markets and supportive domestic cues amid the fear of a third COVID wave. However, we’re now seeing restricted participation and expect the same trend to continue, at least in the near future. We thus advise continuing with the “buy on dips” approach but focus largely on index majors and select midcaps for long trades," said Ajit Mishra, VP - Research, Religare Broking.

Here are key stocks that moved the most today:

Aurobindo Pharma

Shares of Aurobindo Pharma fell 7.82 percent to close at Rs 761.10 after the firm reported a weak Q1FY22 operational performance, owing to a drop in the US market and antiretroviral drug prices (ARVs).

The company's profit after tax (PAT) was Rs 770 crore in Q1FY22, down 1.7 percent year on year (YoY) and four percent quarter on quarter (QoQ). Revenue fell 3.8 percent year on year and five percent QoQ to Rs 5,702 crore.

Eicher Motors

Eicher Motors shares ended 2.63 percent lower at Rs 2,546.75 apiece after the auto major reported its earnings for the quarter ended June 30 and brokerages raised concerns over the exit of Royal Enfield CEO Vinod K Dasari.

Bharti Airtel

Shares of telecom operator Bharti Airtel gained over 2 percent after it announced the closure of its agreement with Reliance Jio Infocomm to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio. Bharti Airtel has received Rs 1,004.8 crores (net of tax) from Jio for the proposed transfer.

In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum, it added. The stock price of Bharti Airtel touched a fresh record high of Rs 638.60 apiece intraday.

Tata Consumer Products

Tata Consumer Products shares extended gains to a second straight day to touch an all-time high, crossing the Rs 800 apiece mark for the first time ever. The stock jumped ended 4.35 percent to end at 807.55. It hit an all-time high of Rs 810.50 apiece on BSE during the session.

Larsen & Toubro

Larsen & Toubro share price ended more than 2 percent higher after the company’s heavy engineering arm won all orders for oxidation reactors from Technip Energies-India. The stock price touched a 52-week high of Rs 1,676.00 apiece intraday on the BSE.