The Indian market on Friday opened in positive territory, the 30-share BSE Sensex was up 356.95 points, or 0.60 per cent at 59,498.11 and the broader nifty was trading at 17,732.70, up 103.20, or 0.59 per cent. On NSE, ITC, SBI, IndusInd, SBI Life, Eicher Motor are the top performers. On the other hand, Tata Steel, JSW Steel, Coal India, Infosys, Cipla were among the laggards. Sectorally, barring Nifty Media, Nifty Metal, Nifty PSU Banks, Nifty Oil and Gas, all indices were trading in the positive territory. Nifty Realty emerged as the top gainer.
ITC, in early trade was trading at 235,00. ITC share price surged near to its 52-week high of Rs 239 per share as the stock made a surprise rally of 7 per cent in early deals on Thursday After a strong opening, the stock quickly surpassed Rs 220 medium-term resistance level with strong volume activity.
ON BSE, Bannari Amman Sugar Ltd, Cosmo Films were the top gainers in early trade on Friday. On the flip side, Sail, IDBI were the top losers. BSE MidCap was down 0.22 per cent and BSE SmallCap down 0.17 per cent.
“Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicates a gap up opening with 90 points gains. Shares in Asia-Pacific were mixed on Friday morning trade as investors react to mixed US economic data released overnight. The Cabinet approves issue of government guarantees up to Rs.30,600 crore for security receipts to be issued by NARCL: FM Sitharaman. SEBI mulls carving out separate AIF category to buy distressed loans from banks. Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to US Gulf crude production from Hurricane Nicholas receded. Crucial support for Nifty 50 is 17,550 while Nifty may face some resistance at 17,850,”Mohit Nigam, head – PMS, Hem Securities said.
Indian markets opened with some gains taking cues from the global and Asian markets. The S&P500 index fell 6.95 points to 4,473.75. On the other hand, Asian bourses also opened higher on Thursday, The benchmark Nikkei 225 index was up 0.34 percent or 102.64 points at 30,425.98 in early trade, while the broader Topix index edged up 0.05 percent or 1.02 points to 2,091.18. On the flip side, Hong Kong shares opened with more losses, the Hang Seng Index fell 0.32 percent, or 78.68 points, to 24,589.17. The Shanghai Composite Index shed 0.33 percent, or 11.82 points, to 3,595.27, while the Shenzhen Composite Index on China’s second exchange lost 0.23 percent, or 5.63 points, to 2,431.93.
“The market is now driven by momentum with valuations on the back burner. Even FIIs who were skeptical about valuations and sold heavily in July have come back strongly and are chasing the momentum. FIIs have invested Rs 5344 crore in the cash market during the last three days. Nifty has now appreciated by around 10000 points from the March 2020 lows. Even die-hard bulls would not have foreseen such a ferocious rally. Now the bulls are unlikely to let go off their grip on the market till 18000 on the Nifty/ 60000 on Sensex is reached,” Dr. V K Vijayakumar, chief investment Strategist at Geojit Financial Services said.
“In 2021, till date, the Nifty IT has been outperforming the Nifty while Bank Nifty has been underperforming. There is a possibility of change in leadership of the market away from IT, perhaps to Banks. The announcement of the ‘bad bank’ road map and govt guarantees for security receipts to be issued by the NARCL will improve the prospects of banks, going forward,” he added.
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