Stock Market: Sensex Rises Over 300 Points, Nifty Trades Above 17,600 Amid Positive Global Cues
Stock update: Titan, Tech Mahindra, Mahindra & Mahindra, Tata Steel, Kotak Mahindra Bank, Wipro, Infosys, and Axis Bank were among the major gainers on the BSE
Sensex and Nifty, two key equity benchmarks, on Friday climbed over 500 points in early trade, tracking positive global cues. The domestic indices, however, erased some of their gains.
At 10.30 am, the BSE Sensex was up 306 points to 59,080, while the broader NSE Nifty was trading at 17615, up 92 points. According to traders, foreign fund inflows into capital markets also added to the momentum.
Federal Reserve Chair Jerome Powell will deliver his speech on rate-hike path later in the day.
On the 30-share Sensex platform, Titan, Tech Mahindra, Mahindra & Mahindra, Tata Steel, Kotak Mahindra Bank, Wipro, Infosys, and Axis Bank were among the major winners. On the flip side, Bharti Airtel and Nestle were the laggards.
Among individual stocks, shares of Titan rose 2 per cent on the company's overseas expansion plans.
In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 surged up to 1 per cent.
All sectors opened in the green zone with Nifty Auto, Nifty Metal, and Nifty PSU Bank leading the pack.
In the previous session on Thursday, the BSE benchmark declined 310 points (0.53 per cent) to settle at 58,774, while the Nifty dropped 82 points (0.47 per cent) to end at 17,522.
“Intra-day markets could remain volatile as investors are likely to maintain caution ahead of the Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium,” said Prashanth Tapse - research analyst, senior VP (research), Mehta Equities Ltd.
In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green in mid-session deals. Wall Street had ended with gains on Thursday.
The international oil benchmark Brent crude climbed 0.78 per cent to $100.11 per barrel.
Foreign institutional investors (FIIs) bought shares worth Rs 369.06 crore on Thursday, according to exchange data.
Meanwhile, the rupee appreciated 6 paise to 79.86 against the US dollar in opening trade on Friday, driven by foreign fund inflows and a firm trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 79.87 against the dollar and inched higher to touch 79.86, registering a gain of 6 paise over its previous close.
In the previous session, the rupee declined by 6 paise to close at 79.92 against the American currency.
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