Sensex Climbs 700 Points, Nifty Trades Above 17,300
In the broader markets, the BSE Midcap and Smallcap indices were also in the green zone, up over 1 per cent each, respectively
New Delhi: After a week-long volatility, the key Indian equity benchmarks opened in the green on Friday, led by buying in all sectors amid positive global cues.
At 10 am, the BSE Sensex was up 700 points at 57,977, while the NSE Nifty was at 17,347 higher by 237 points.
Among the 30-share Sensex platform, NTPC, Tata Steel, Sun Pharma, Bharti Airtel, Titan, Wipro, Bajaj Finance, IndusInd Bank, M&M, and Asian Paints were the top gainers, up by 1-3 per cent. ONGC, Tata Consumer, and IOC were the additional gainers on the Nifty.
On the flip side, HDFC twins and Maruti were the only losers on the bourses, lower by 148 points.
In the broader markets, the BSE Midcap and Smallcap indices were also in the green zone, up over 1 per cent each, respectively.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading Rs 6,266.75 crore on Thursday, as per official exchange data.
Quoting V K Vijayakumar, chief investment strategist at Geojit Financial Services, PTI said: “There are three trends in the market which are important from investors' perspective. One, relentless massive selling by FIIs (around Rs 33,000 crore so far in January) is emerging as the strongest headwind to the market in the short-run.”
“Two, there is massive churn happening within the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued growth stocks are getting punished and their valuations are slowly getting to realistic levels,” he added.
Elsewhere in Asia, bourses saw a mixed trading pattern, with only China and Japan trading higher in mid-afternoon deals. Other exchanges logged losses.
Asian stocks recovered some of their steep losses from the previous session after US markets limited further declines from hawkish US Federal Reserve comments. US stock futures rose in Asia after Apple reported record sales in the holiday quarter, beating estimates.
Meanwhile, international oil benchmark Brent crude eased 0.38 per cent to $89.74 per barrel.
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