Indian market opened in a positive zone on Friday, 30-share BSE Sensex was up 356.95 points, or 0.60 percent, at 59,498.11 and broader nifty was trading at 17,732.70, up 103.20 or 0.59 per cent. On NSE, ITC, SBI, IndusInd, SBI Life, Eicher Motor are the top performers. On the other hand, Tata Steel, JSW Steel, Coal India, Infosys, Cipla were among the laggards. Except Nifty Media, Nifty Metal, Nifty PSU Bank, Nifty Oil & Gas, all indices were trading in positive territory. Nifty Realty emerged as the top gainer.
ITC was trading at 235,00 in early trade. ITC share price touched its 52-week high of Rs 239 per share as the stock posted an astonishing 7 per cent rally in opening deals on Thursday. volume activity.
On BSE, Bannari Amman Sugar Ltd., Cosmo Films were the top gainers in early trade on Friday. On the other hand, SAIL, IDBI were the top losers. BSE Midcap was down 0.22 per cent and BSE Smallcap was down 0.17 per cent.
“The benchmark index is expected to open on a positive note as the trend on SGX Nifty indicates a gap up opening with a gain of 90 points. Shares in Asia-Pacific traded mixed in Friday morning trade as investors reacted to mixed US economic data released overnight. Cabinet approved issuance of government guarantee up to Rs 30,600 crore for security receipts to be issued by NARCL: FM Sitharaman. SEBI is considering creating a separate AIF category for buying distressed loans from banks. Oil prices held steady on Thursday after hitting multi-week highs a day earlier as Hurricane Nicolas eased the threat of crude production in the US Gulf. The key support for Nifty 50 is at 17,550 while Nifty may face some resistance at 17,850,” said Mohit Nigam, Head – PMS, Hem Securities.
Indian markets opened with some gains due to signals from global and Asian markets. The S&P500 index fell 6.95 points to 4,473.75. Asian shares, on the other hand, opened higher on Thursday as the benchmark Nikkei 225 index was up 0.34 per cent or 102.64 points at 30,425.98, while the broader Topix index was up 0.05 per cent or 1.02 points at 2,091.18. On the other hand, Hong Kong shares opened with more losses, with the Hang Seng index falling 0.32 per cent, or 78.68 points, to end at 24,589.17. The Shanghai Composite Index fell 0.33 per cent, or 11.82 points, to 3,595.27, while the Shenzhen Composite Index on the Second China Exchange closed 0.23 per cent, or 5.63 points, down at 2,431.93.
“Market is now driven by momentum with valuations on the back burner. Even FIIs, who were skeptical about valuations and were selling heavily in July, are making a strong comeback and chasing the bulls. FIIs have invested Rs 5344 crore in the cash market during the last three days. Nifty has now climbed about 10000 points from the low level of March 2020. Even the fanatical bulls would not have imagined such a brutal rally. Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, now bulls are unlikely to give up their hold on the market till Nifty reaches 60000 on 18000/Sensex.
“In 2021, as of now, Nifty is outperforming IT Nifty, while Bank Nifty is underperforming. Away from IT, perhaps a shift in market leadership for banks is likely. The ‘bad bank’ road map to be issued by NARCL and announcement of government guarantee for security receipts will improve the prospects of banks.”
read all breaking news, breaking news And coronavirus news Here
.