The NSE Nifty 50 opened at 20,156.45, up 53 points, while the BSE Sensex is at 67,659.91, up 140.91 points.
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Sensex Today: Headline indices scaled new highs for a second day at Friday’s open, tracking strength across global markets. The BSE Sensex index gained 250 points to 67,774 and the Nifty50 index edged 55 points higher to 20,173.
M&M, JSW Steel, Wipro, Tata Steel, HDFC Bank, HCL Tech, Bajaj Auto and Hindalco were the frontline winners across Sensex and Nifty, gaining up to 2 per cent.
On the flip side, HUL, Asian Paints, Nestle, Adani Ports, and HDFC Life were among the top losers.
The broader markets kept the lead over benchmarks. The BSE MidCap and SmallCap indices rose up to 0.7 per cent.
“Positive opening could be seen in local indices owing to optimism across the global equities, as fear of recession appears bleak after the recent policy measures by central banks across key economies. However, intra-day volatility will continue given the uncertainty around global markets. As long as the Nifty is trading above 20,000, the bullish sentiment is likely to continue, with a potential rally till 20,200-20,250-20,300,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Service, said: “The participation of bluechips like Infosys, RIL, L&T, HDFC Bank and ICICI Bank has imparted resilience to the ongoing rally. Even though the undercurrent of the market is bullish the high valuations and new risks like surging crude and rising dollar index can impact the market negatively. Brent crude at $94 is a major macro worry which the market cannot ignore for long. The rising dollar index which has breached 105 and the attractive US bond yields (10-year at 4.28%) will force the FIIs to sell aggressively soon.”
“Even while remaining invested in this rally investors can consider some profit booking, particularly in the over-heated mid-and small-cap space. In the micro-cap segment, hope and momentum, not fundamentals are driving the rally,” he added.
Global Cues
Tokyo stocks opened higher on Friday, extending rallies on Wall Street where traders digested strong retail sales figures.The benchmark Nikkei 225 index was up 0.83 per cent, or 274.72 points, at 33,442.82 in early trade, while the broader Topix index added 0.83 per cent, or 19.89 points, to 2,425.46.
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The S&P 500 ended higher on Thursday as hotter-than-expected economic data eased worries about a recession without raising fears of a Federal Reserve rate hike next week, while Arm Holdings soared in its stock market debut.
