Benchmark indices Sensex, Nifty opened higher on Friday ahead of Q4FY24 GDP data.
Sensex Today: Following five consecutive sessions of losses, the Indian benchmark equity indices began Friday’s trading session on a positive note, driven primarily by strong performance from leading financial stocks.
S&P BSE Sensex was trading 0.50 per cent or 370 points higher at 74,256.04 while NSE’s Nifty50 rose 0.45 per cent or 100 points to 22,588.95 levels.
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On the BSE, M&M, Bajaj Finserv were the top gainers while Maruti, Infosys were among the major laggards.
Similarly, on the NSE, Adani Ent, Apollo Hospitals were the top gainers while Maruti, LTIMindtree were among the top losers.
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Broader indices were buzzing in trade, Nifty Midcap rose 0.67 per cent while SmallCap was trading 0.50 per cent higher
Sectorally, the Nifty Realty led with over 2.50 per cent gains, followed by Financial Servives (up 0.86 per cent).
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Moring View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The market is tantalisingly poised with the possibility of a sharp move based on the exit poll results tomorrow evening. Since the Nifty is down around 600 points from the May high, if the market move is up it can be sharp and swift. Largecaps in financials, autos, capital goods and telecom have the potential to lead the rally. On the other hand, if the exit polls indicate a trend unfavourable from the market perspective, again the crash can be sharp and swift.
It is important to note that the DIIs have bought stocks for Rs 53618 crores in the cash market so far this month. This is around Rs 10000 crores more than the FII selling. The DIIs have enough funds to buy aggressively if the situation turns favourable.
