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“When some of the investment cycles turn, they do not turn for two months, three months or six months. They turn for a few years and going by the fact that the last five to eight years has been subdued for a lot of the capital goods industries, we are now going to get into a situation where the next couple of years are going to look much better.”

Fresh positions built up by participants led to the rise in gold prices, analysts said.Globally, gold was trading 0.82 per cent higher at USD 1,717.50 per ounce in New York.

The local unit recovered some lost ground and closed at 79.97 (provisional), registering a fall of 15 paise over its previous close. The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency.

"The auto sector rally should continue but one has to be more stock specific. I would focus on names that are present more in the passenger vehicle and the commercial vehicle space because these two areas should see the highest uptick in volumes and demand as well. We are seeing that in the auto numbers as well that come out on monthly basis."

“We have gone through this process of inviting expressions of interest where 13 large global players participated. We shortlisted four and engaged with them and on the basis of the bid amount and the other factors in terms of strong governance for this ARC, we finally chose JC Flowers ARC to bid for this.”

“We think the services sector is going to lead the demand recovery in India and that is something that is going to add to the momentum as far as the services inflation is concerned going ahead and that is a reasonable part of our Indian CPI.”

ATF prices are revised by oil marketing companies (OMCs) on the 1st and 16th of every month based on rates of benchmark international oil rates in the previous fortnight. The latest price cut marked the second reduction in rates this year. Prices had peaked at Rs 141,232.87 per kl (Rs 141.23 per litre) last month.

The Nifty Bank index closed 1.95 per cent up at 35358.7.

"RBI may protect the level of 80 for some more time before it can allow a break of the same. The trade deficit is very high for the rupee to sustain while importers/ debt companies will keep buying dollars to pay off their payables," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

“I do believe that we will hit the billion-dollar run rate between quarter two and quarter three of this year, we had guided that last September and maintained that. Lastly, we had said $1.5 billion by one of the quarters in FY25, and we are retaining that as well.”