Indian equity indices surged higher in Friday’s trading session after opening on a subdued note. The NSE Nifty 50 was trading 96 points or 0.38% higher at 25,278. The BSE Sensex rose 300 points or 0.36% to 82,470.
The Bank Nifty opened 26 points or 0.05% lower at 56,167. However, the small and midcap stocks opened the day higher. The Nifty Midcap rose 68 points or 0.12% to open at 58,497.
“The overall market environment is turning positive. Globally, the GAZA peace accord signals an end to the conflict and a reduction of geopolitical risk from the region. Domestically, there are indications of a trade deal between the US and India with India ‘rebalancing’ its oil purchases,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“These positive developments and the shift in FII strategy ( FIIs were buyers in the cash market in the last three trading days) bode well for the market. Even though valuations continue to be relatively high compared to most other markets, short-covering can take the market higher. This is a highly probable event since the short position in the market continues to be high. The better-than-expected results from TCS, which reported better revenue and margin numbers, can lift sentiments for IT stocks,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were SBI Life Insurance, ONGC, HDFC Bank, Kotak Mahindra Bank, and Bharat Electronics. On the flip side, the key laggards in the Nifty 50 pack included JSW Steel, Tata Steel, Mahindra & Mahindra, TCS, and Tata Consumer Products.
Major movers on Friday
The stocks that were the major movers in the opening trade included HDFC Bank, Infosys, Reliance Industries, ITC, and SBI, which were the major movers in the morning trade.