Sensex rises over 450 points on positive global indices, Nifty Trades above 17,050
Following global markets and extending their gains for the third consecutive session, Indian equity indices traded higher in early trading on Friday. Taking inspiration from a late-night rally on Wall Street, stocks in Asia rose as investors focused on a potential slower pace of rate hikes rather than a US slowdown, with data showing its economy slipped for the second straight day. . in the neighborhood.
The Fed hiked rates by 75 basis points (bps), but its chairman Jerome Powell abandoned his forecast on the size of the next rate hike and said that “at some point” it would be appropriate to slow it down.
Back home, the 30-stock BSE Sensex jumped 462 points or 0.81% to 57,320 in early trading, while the broader NSE Nifty traded 148 points or 0.88% higher at 17,078.
Mid and small cap stocks were positive, with the Nifty Mid-cap 100 up 1.03% and small caps up 0.85%.
Of the 15 sector gauges compiled by the National Exchange, 13 were trading in the green. The Nifty Auto, Nifty Financial Services, Nifty IT and Nifty Metal sub-indices outperformed the NSE platform with gains of 1.57%, 1.58%, 1.42% and 1.51%, respectively.
On the stock-specific front, SBI Life was Nifty’s top gainer as the stock rose 6.98% to reach Rs 1,274.65. Bajaj Finserv, Tata Steel, HDFC Life and Bajaj Finance were also among the beneficiaries.
The overall market breadth was firm with 1,841 shares down while 544 fell on BSE.
Bajaj Finserv, Tata Steel, Asian Paints, Bajaj Finance, Tech Mahindra, Mahindra & Mahindra, PowerGrid, Wipro, Kotak Mahindra Bank, HCL Tech, Infosys, NTPC and TCS were among the top gainers in the BSE 30-stock index.
Meanwhile, shares of Life Insurance Corporation of India (LIC), the country’s largest insurance company and the largest domestic financial investor, are trading at Rs 681.35, up 0.96%.
Conversely, Dr. Reddy and Sun Pharma were trading in the red mark.
On Thursday, the Sensex rose 1,041 points, or 1.87%, to 56,858, while the Nifty closed at 16,930 with a gain of 288 points, or 1.73%.