Stock Market: Sensex Rises 200 Points, Nifty At 18,750; Bank Leads, IT Dips
Stock Update: On the 30-share Sensex platform, UltraTech Cement, Reliance, Nestle, ICICI Bank were among the early gainers. On the flip side, TCS, PowerGrid, Wipro, Bharti Airtel emerged as losers.
The two key equity benchmarks, Sensex and Nifty, on Friday, opened with gains following strong global cues as investors sidestep global rate hike fears. This after the US Fed's paused rate hike on Wednesday. Although they have forecasted that rate hikes may resume later.
At 9.30 am, the BSE Sensex rose 215 points to 63,133. On the other hand, the NSE Nifty50 jumped 64 points to 18,752.
On the 30-share Sensex platform, UltraTech Cement, Reliance, Nestle India, ICICI Bank, Titan, and SBI were among the early gainers. On the flip side, TCS, PowerGrid, Wipro, Bharti Airtel, L&T, and Maruti Suzuki emerged as losers.
The broader markets outperformed benchmarks. The BSE MidCap and SmallCap indices rose up to 0.8 per cent.
Sectorwise, Nifty Metals, Nifty Realty, and Nifty Bank were leading the pack, rising 0.5-1 per cent.
Also Read: ECB Raises Interest Rates To 22-Year High To Fight Inflation Amid Stagnant Growth
In the previous session on Thursday, the BSE Sensex slipped into the negative zone and closed at 62,918, down 311 points. On the other hand, the NSE Nifty dipped to a low of 18,669 and eventually ended 68 points lower at 18,688.
Meanwhile, in other Asian Markets, on Friday Tokyo shares opened lower as against the rallies on Wall Street, with traders looking at the Bank of Japan's policy announcement expected later in the day.
On Wall Street, the S&P 500 and Nasdaq rose on Thursday to close at their highest in 14 months. Investors cheered economic data hoping that the US Federal Reserve is nearing the end of its interest-rate hike campaign.
In early trade, oil prices edged lower on Friday. Brent futures dipped 13 cents to $75.54 a barrel, while the US West Texas Intermediate (WTI) crude dropped 10 cents to $70.52 a barrel.
Meanwhile, the Rupee opened at 81.98 against the dollar as against the previous close of 82.21. On Thursday, the Rupee fell 20 paise to close at 82.25 against the US dollar on Thursday, pulled down by a strong greenback overseas and a negative trend in domestic equities.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,086 crore on Thursday, as per exchange data. On the other hand, Domestic Institutional Investors (DIIs) sold Rs 298 crore of shares.
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