Stock Market: Sensex Gains Over 300 Points, Nifty Trades Around 17,050 On Global Cues. All Sectors In Green

Stock update: On the 30-share Sensex platform, Infosys, L&T, HCL, UltraCemco, Tata Motors, Tata Steel emerged early winners. TCS, ITC, NTPC, Sun Pharma, Airtel, IndusInd Bank were among early losers

In the broader markets, Nifty MidCap 100 and Nifty Smallcap 100 indices surged up to 0.9 per cent.

The two key equity benchmarks, Sensex and Nifty, on Friday opened higher tracking strong global cues.

At 9.37 am, the S&P BSE Sensex was up 302 points to 57,936. On the other hand, the broader NSE Nifty50 was trading at 17,073, up 88 points.

On the 30-share Sensex platform, Infosys, L&T, HCL, UltraCemco, Tata Motors, Tata Steel emerged early winners. On the flip side, TCS, ITC, NTPC, Sun Pharma, Airtel, IndusInd Bank were among the early losers.

#ABPLiveStockMarketWatch | Sensex and Nifty on Friday opened higher tracking strong global cues.

At 09:41 AM, #Sensex went up by 318 points to 57,953 & #Nifty by 95 points to 17,080

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/MXHJzqT8LI

— ABP LIVE (@abplive) March 17, 2023

Among individual stocks, shares of Tata Consultancy Services (TCS) slipped in red after Managing Director and Chief Executive Officer Rajesh Gopinathan tendered his resignation. Besides, shares of Hindustan Aeronautics (HAL) surged over 4 per cent after Defence Acquisition Council (DAC) cleared weapons procurement for capital acquisitions worth Rs 70,500 crore.

In the broader markets, Nifty MidCap 100 and Nifty Smallcap 100 indices surged up to 0.9 per cent.

Volatility index, India VIX, meanwhile, slipped over 5 per cent.

Sectorwise, barring Nifty Media index, all other sectoral indices swimmed in the sea of green. Nifty Metal, and Nifty PSU Bank indices led the charge.

In the previous session on Thursday, the S&P BSE Sensex at the end closed marginally higher by 79 points to 57,634. On the other hand, the NSE Nifty50, which dipped to a low of 16,850, settled 13 points higher at 16,986.

European and US stocks closed with significant gains on Thursday.

Deepak Jasani, Head of Retail Research at HDFC securities, said multi-billion dollar lifelines for troubled US and European banks shored up investor confidence on Friday and bolstered sentiment in battered stocks, although concerns now centre on whether a global financial crisis has been fully averted.

Asian markets extended a risk rally in the US on Friday in a wild week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in developed economies, Jasani said.

For the sixth straight trading session on Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 282.06 crore, data with BSE showed.

Global oil benchmark Brent crude futures rose 1.10 per cent to $75.12 per barrel.

Meanwhile, the rupee reversed its four-day losing streak and rose 25 paise to 82.51 against the US dollar in early trade on Friday amid positive trends in the domestic as well as global equity markets.

At the interbank foreign exchange, the domestic unit opened stronger at 82.50 against the US dollar and fell to 82.54. Later, it rose marginally to 82.51, registering a gain of 25 paise.

On Thursday, the rupee settled at 82.76 against the US dollar, falling for the fourth day in a row. The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.28 per cent lower at 104.12.