Broader markets were outperforming the benchmark indices on Friday morning. BSE Midcap index was up 1.26% while Nifty Midcap 50 was up 1.79%. BSE Smallcap index jumped 0.87% while Nifty Smallcap 100 was up 1.08%. Sensex and Nifty were trading 0.65% higher.
Sensex began the day’s trade above 47,200 while Nifty was just shy of 14,000 mark. Only Axis Banka nd TCS were trading in the red among Sensex stocks.
Nifty is just shy of 14,000 ahead of Friday’s opening bell. Sensex jumped 549 points to breach 47,400.
Pre-open session has taken Sensex past the 47,000 mark on Friday morning as the benchmark index zoomed.
Sensex zoomed 500 points in pre-open session while Nifty regained 13,900 levels.
SGX Nifty was still over 100 points higher minutes before the pre-open session.
SGX Nifty was up in green on Friday morning, hinting at a positive start for Sensex and Nifty who have been tumbling down for five consecutive sessions now. Wall Street equity indices closed with gains after a sharp rebound on Thursday, sending positive global cues. On the charts, a small positive candle was formed with gap down opening with upper and lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Normally, a formation of such pattern after a reasonable decline or at the swing low could be a part of bullish reversal pattern after the confirmation. Hence, there is a possibility of an upside bounce from the lows,” he added. Analysts caution to go stock specific as the near term trend remains negative.
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“The short term trend of Nifty continues to be negative. But, having placed at the crucial support of 13750 (10 week EMA) and a formation of doji/high wave type pattern (on the daily chart) could hint at the possibility of upside bounce from the lower levels, post confirmation. A decisive move below 13750 is likely to negate this positive development and could lead towards further low of 13500. On the rise, the upper area of 13950-14000 could act as stiff resistance,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Today, Chief Economic Advisor, Krishnamurthy Subramanian will present the Economic Survey 2021. This year the Economic Survey is being presented a few days ahead of the budget.
Bharti Airtel on Thursday emerged as the first telecom operator in the country to demonstrate its 5G readiness by orchestrating live 5G service over a commercial network in Hyderabad city. Since 5G spectrum bands in 3.5 GHz is yet to be auctioned, what Bharti did was that it used spectrum sharing technologies and operated 5G technology using its existing spectrum bands like 1800/2100/2300 MHz and sub-GHz bands 800/900 MHz.
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State-owned NALCO will buy back Rs 749 crore worth of shares, DIPAM Secretary Tuhin Kanta Pandey said on Thursday. The government currently holds 51.50 per cent stake in the company and would tender shares proportionate to its holding.
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Foreign portfolio investors (FPIs) have turned sellers of Indian stocks over the last few trading sessions, with Thursday seeing selling worth $508.2 million. FPI flows in January at $3 billion are now the lowest in three months. This, according to market experts, is short-term on account of profit taking and delay in the additional fiscal stimulus coming out of the US.
