Stock Market: Sensex Reclaims 60,000 Level, Nifty Trades Above 17,900; Bank, Metal Stocks Up

Stock Market: Sensex Reclaims 60,000 Level, Nifty Trades Above 17,900; Bank, Metal Stocks Up

Sensex and Nifty, the two key equity benchmarks, on Friday began trade on a firm note, extending their previous day gain, amid foreign fund inflows and a positive trend in global markets.

At 10.30 am, the BSE Sensex climbed 313 points to 60,001 in early trade, while the broader NSE Nifty was trading at 17,909, up 110 points.

On the 30-share Sensex platform, IndusInd Bank, State Bank of India, Tata Steel, Hindustan Unilever, NTPC, Infosys, Dr Reddy’s, Sun Pharma, and ICICI Bank emerged as the biggest gainers. On the flip side, Bharti Airtel, Bajaj Finserv, Nestle India and Bajaj Finance were among the laggards.

The overall mood of the 30-share Sensex pack was positive, as 25 scrips were advancing, while rest five were declining.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.6 per cent.

All sectors opened in the positive zone with Nifty Bank and Nifty Metal indices leading the charge.

Local equity benchmark indices opened firm in tandem with the buoyancy seen in the Asian pack and overnight surge in the US markets,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

“Positive catalysts such as plunging oil prices and easing US dollar index are likely to help maintain optimism,” Tapse said. 

Elsewhere in Asia, markets in Shanghai, Tokyo and Hong Kong were trading in the green in mid-session deals. The US markets had ended higher on Thursday.

In the previous session on Thursday, BSE benchmark climbed 659 points (1.12 per cent) to settle at 59,688. The Nifty advanced 174 points (0.99 per cent) to 17,798.

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The international oil benchmark Brent crude climbed 0.26 per cent to $89.38 per barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 2,913.09 crore on Thursday, as per exchange data.

Meanwhile, the rupee appreciated 8 paise to 79.61 against the US dollar in opening trade on Friday, tracking the dollar’s decline versus its major peers and foreign fund inflows.

At the interbank foreign exchange, the domestic unit opened at 79.66 against the dollar, then touched 79.61 in initial deals, registering a gain of 8 paise over its previous close.

On Thursday, The rupee rose by 26 paise to close at a week’s high of 79.69 against the American currency.