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    Firm global cues drive Sensex 200 points higher in early trade

    Synopsis

    From the Sensex pack, NTPC, HCL Tech, Infosys, Tech Mahindra, Wipro and Reliance opened with gains, while Sun Pharma, IndusInd Bank, Power Grid, Axis Bank, and ICICI Bank were trading with cuts.

    Firm global cues drive Sensex 100 points higher in early tradeAgencies
    Amid improved global cues, Indian equity markets opened higher in Friday's trade, led by the index heavyweights Reliance and Infosys.

    The BSE Sensex was trading 209 points or 0.34% higher at 62,081 while Nifty50 was at 18,369, up 48 points or 0.26% at around 9.40 am.

    From the Sensex pack, NTPC, HCL Tech, Infosys, Tech Mahindra, Wipro and Reliance opened with gains, while Sun Pharma, IndusInd Bank, Power Grid, Axis Bank, and ICICI Bank were trading with cuts.

    Shares of Page Industries hit the 10% lower circuit as the firm reported a fall in March quarter profit on weak demand. Meanwhile, Medplus Health Services rallied over 10% higher after the company reported a net profit of Rs 26.5 crore for the quarter that ended March.

    On the sectoral front, Nifty IT surged 0.69%, and Nifty PSU Bank rose 0.46%. Nifty FMCG and Nifty Metal also opened with gains. In the broader market, Nifty Midcap 100 rose 0.32%, and Nifty Smallcap 100 gained 0.28%.

    Experts View
    "Two major factors - rupee appreciation and decline in US bond yields - that assisted the rally in Indian stock market in early May have reversed. Rupee has depreciated to 82.74 to the dollar and the US 10-year yield has spiked to 3.82%. In spite of this negative development, FII inflows continue and imparts resilience to the market," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

    Both FIIs and DIIs are buyers now, and this is strong support to the market, Vijayakumar added.

    Deepak Jasani, Head of Retail Research at HDFC Securities said, "18458-18500 range remains a strong resistance on the upside while a breach of 18200 would be considered a fresh breakout on the upside."

    FII Tracker
    Foreign institutional investors (FIIs) bought Rs 589 crore worth of Indian equities on Thursday. FIIs have been net buyers in Indian stocks in 20 of the last 21 sessions.

    Global Markets
    The S&P 500 rose 0.9% Thursday after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the rush into AI. Because of its immense size, Nvidia is one of the most influential stocks on the market, and it helped push the Nasdaq up 1.7%. The Dow Jones Industrial Average slipped 0.1%, and the majority of stocks fell.

    Hopes that lawmakers are edging closer to a deal to hike the US debt ceiling lifted spirits in Asia on Friday, though traders remain nervous as a deadline to avert a calamitous default draws closer. Japan's Nikkei 225 rose 0.6%, while China's Shanghai Composite fell 0.14%.

    Oil Falls
    Oil prices softened in early trade on Friday, weighed on by conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting and a stronger dollar. Brent crude fell 30 cents to $75.96 a barrel, while US West Texas Intermediate was down by 14 cents at $71.69 a barrel.

    Currency Watch
    The Indian rupee rose 2 paise to $82.70 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.14% to 104.1 level.

    (With inputs from agencies)



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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