Opening Bell: Nifty around15,700, Sensex gains over 400 points; all sectors in green
Taking cues from Asian markets, the Indian market started on a strong note on Friday.
Taking cues from Asian markets, the Indian market started on a strong note on Friday. The domestic equity benchmarks Nifty50 and Sensex opened higher by around one per cent amid positive global cues on Friday.
The broader Nifty50 went past 15,600, while the Sensex added over 400 points in the opening trade as the two indices opened at 15,657.40 and 52,654.24 respectively
Following benchmark indices, Nifty midcap and small cap rose higher by 1% and 1.2% respectively in the opening trade on Friday.
On the sectoral front, all Nifty indices sat comfortably in the green with banking indices gaining the most.
In the pre-open, the Sensex gained nearly 400 points as 29 stocks advanced and one declined on the 30-share index.
"There are some clear economic and market trends. Leading indicators such as PMI and retail sales in Europe and US indicate economic slowdown. Most central banks of the world are hiking rates in this slowdown. Therefore, the slowdown will continue and may aggravate pushing the US economy into recession. Since the market knows this, equities are in oversold territory, triggering short-term upmoves,"said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He said the whipsaw movement in Nifty yesterday reflects this uncertainty, confusion and lack of direction.
"Accenture's results indicate continued robust demand for IT. Indian IT companies' Q1 results are likely to be very good, but the stock movements will be decided by their FY23 guidance. A Crash in metal prices is a strong positive for autos," added the expert.
Earlier, SGX Nifty and other major Asian indices were seen trading higher in the morning trade on Friday.
Hinting at positive opening for the Indian market, SGX Nifty Futures rose by more than 90 points on the Singaporean Exchange in early trade.
Besides, Japanese Nikkei 225 gained over 0.7%, Hang Seng Index at the Hong Kong Exchange traded higher by 1.3% and Chinese Shanghai Composite gained over half per cent in the morning trade.
Earlier, the US markets ended in the green on Thursday. US benchmark indices Dow Jones gained 0.6%, Nasdaq added 1.6% and S&P 500 rose 0.9% on Thursday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
09:27 AM IST