The S&P BSE Sensex was up 0.50 per cent to 57,925.12 at around 9:38 am, while the NSE Nifty 50 was up 0.51 per cent at 17,071.85.
By India Today Business DeskBenchmark stock market indices gained momentum in early trade on Friday due to improvement in global markets, after a host of measures were announced to avert a full-blown banking and financial crisis.
The S&P BSE Sensex was up 0.50 per cent to 57,925.12 at around 9:38 am, while the NSE Nifty 50 was up 0.51 per cent at 17,071.85. Broader markets were also trading in positive territory after a sharp dip in volatility.
All sectoral indices except Nifty Media and Nifty FMCG were trading in positive territory. The rebound in heavyweight banking and financial stocks seems to be a driving force behind today’s gains, while Nifty IT and Nifty Metal stocks also contributed.
Some of the top gainers on the Nifty 50 index were HCL Tech, Infosys, HDFC Life, L&T and SBI Life. On the other hand, the top losers were ITC, BPCL, IndusInd Bank, Eicher Motors and Sun Pharma.
While markets are likely to end the week on a positive note, the benchmark indices have lost significant ground over the past few weeks due to weak global interest rate hike fears and, more recently, the banking turmoil triggered by the failure of two US banks.
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Analysts said domestic markets are unlikely to be impacted in the long run by the banking crisis, but it will also depend on the extent of the pressure on global banks and how markets around the world will react to it.
Jakob Auer
Trace Hane
Keven Bayer