Share Market Update: Sensex up 200 pts ahead of Assembly polls; Nifty near 10,650

As per market experts, the headline indices opened in green on positive global cues, following the OPEC meeting and US Federal Reserve’s signal to pause rate hikes.

Some of the top gainers included M&M, ICICI Bank, Sun Pharma, IOC and HPCL. (Image: PTI)

Share Market Update: Key domestic indices Sensex and Nifty opened in green ahead on the crucial Assembly polls in Rajasthan and Telangana on Friday morning. The upward graph of the equity indices were on the backdrop of positive cues in Asian markets. The S&P BSE Sensex which had opened at 35,494.86 points traded at 35,540.49, higher by 200 points, while Nifty50 on the National Stock Exchange traded at 10,650 points. As per market experts, the headline indices opened in green on positive global cues, following the OPEC meeting and US Federal Reserve’s signal to pause rate hikes. Share of HCL Technologies slipped 6.7 per cent to Rs 943 during the early morning trade after the company announced that it would buy select IBM software products for a sum of $1.8 billion in an all-cash deal. Some of the top gainers included M&M, ICICI Bank, Sun Pharma, IOC and HPCL, while HCL, Yes Bank, Gail India and Tata Motors were trading in red. According to a report by news agency Reuters, the Asian Share Market fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be “one-and-done” with U.S. rate hikes, while oil fell anew as producers bickered over the details of an output cut. Even oil price continued with its downward trend in international market following OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, Reuters quoted two sources from the group as saying. Even the Indian currency gained in the early trade against the US dollar on Friday. It opened higher by 35 paise at 70.55 per dollar on Friday versus previous close 70.90 per dollar. Forex traders told PTI that increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.