Sensex and nifty Tracking overnight strength in US markets and strong Asian indices this morning, opened in the green on Friday. This comes after the two indices closed three days lower on Thursday with gains of nearly one per cent. At 09:16 IST, Sensex was up 442.07 points or 0.81 per cent at 54694.60 and Nifty was up 138.30 points or 0.86 per cent at 16308.50.
IndusInd Bank, Infosys, Mahindra & Mahindra, Bajaj Twins, Tech M, HCL Tech, Maruti, Bharti Airtel, Wipro, ITC and Tata Steel were the top gainers in the Sensex-30 index, rising up to 2 per cent.
Meanwhile, Sun Pharma, Dr Reddy’s, Asian Paints, NTPC and PowerGrid were the only losers.
Among the broader markets, BSE Midcap and Smallcap indices also opened strongly, rising up to 1.2 per cent.
Sector-wise, Nifty IT rose over 2 per cent after a sharp rally in Nasdaq overnight. Nifty Bank, Financial, Auto, Media, Metals and PSBs also rose significantly, rising nearly one per cent each.
AstraZeneca Pharma rose over 6 per cent in shares. The company’s net profit for the March quarter jumped two per cent to Rs 27.98 crore, from the same quarter last year.
On the downside, Muthoot Finance slipped over 7 per cent. The company’s consolidated net profit declined 2.3 per cent YoY to Rs 997 crore for the quarter ended March 2022. Consolidated revenue declined 2.7 per cent to Rs 3,021 crore.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Market data indicates the weakness in the US market is coming to an end. Fed minutes suggest a halt to the end of the year following front-loading rate hikes. Also, there are signs of the US economy slowing which will enable the Fed to be less hasty than market relaxations.
“FPI selling, the main trigger for market weakness in India, is showing signs of exhaustion. Heavy selling by FPIs with DII and retail buying and short covering may accelerate in the near term. Can stage a high quality large-cap rally. Leading banks are safe bets,” he said.
global signal
Wall Street closed sharply higher on Thursday after optimistic retail earnings outlook and concerns about an overly aggressive interest rate hike by the Federal Reserve put investors in a buying mood. The Dow Jones Industrial Average rose 516.91 points, or 1.61 percent, to 32,637.19; The S&P 500 rose 79.11 points, or 1.99 percent, to 4,057.84; And the Nasdaq Composite rose 305.91 points, or 2.68 percent, to end at 11,740.65.
Tokyo shares opened higher on Friday as Wall Street rallies won investors’ hearts. The benchmark Nikkei 225 index was up 1.29 per cent or 343.67 points at 26,948.51 in early trade, while the broader Topix index was up 1.06 per cent or 19.95 points at 1,897.53. US economic indicators released overnight were not strong, including revised first-quarter GDP figures and a decline in second-hand home sales in April.
Hong Kong shares rose more than three percent on Friday morning as a jump in tech firms followed strong earnings giants Alibaba and Baidu. The Hang Seng index climbed 3.09 per cent, or 621.07 points, to 20,737.27.
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