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The Indian equity benchmarks staged a gap up opening on Friday on the back of strong global cues. The Sensex rose as much as 542 points or 1 per cent and Nifty 50 index moved above its important psychological level of 15,300. Meanwhile, Asian shares pushed higher on Friday after U.S. President Joe Biden signed a $1.9 trillion stimulus bill into law, and as a retreat in bond yields overnight eased global concerns about rising inflation.
As of 9:21 am, the Sensex was rose 492 points to 51,772 and Nifty 50 index climbed 127 points to 15,301.
Overnight, a gauge of global stock markets climbed for a third straight session to hit its highest level in two weeks, as a dip in government bond yields helped curb inflation concerns and give a boost to equities.
Back home, HDFC Bank, Infosys, ICICI Bank, Reliance Industries, Larsen & Toubro and Axis Bank were among top movers in the Sensex.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s 1.4 per cent gain. Nifty Bank, Financial Services, IT, Media, PSU Bank, Private Bank and Realty indexes also rose around 1 per cent each.
On the other hand, a select FMCG and pharma shares were witnessing selling pressure.
Among the individual shares, IDBI Bank rose over 10 per cent after the Reserve Bank of India removed it from Prompt Corrective Action framework.
JSW Steel was top gainer in the Nifty 50 basket of shares, the stock rose 3.14 per cent to Rs 427. Larsen & Toubro, Bharat Petroleum, Indian Oil, Tata Steel, NTPC, ONGC, UPL, HDFC Bank, ICICI Bank, GAIL India, State Bank of India and IndusInd Bank also rose between 1-2 per cent.
On the flipside, SBI Life, Bajaj Auto, Hero MotoCorp, HDFC Life, Sun Pharma, Hindustan Unilever, Maruti Suzuki, Britannia Industries and Kotak Mahindra Bank were among the losers.
The overall market breadth was positive as 1,596 shares were trading higher while 628 were declining on the BSE.
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