The Indian stock markets opened higher on Friday tracking strong domestic and global cues, with the 30-share Sensex opening nearly 120 points higher at 33,465 and the broader Nifty 50 at 10,271, nearing the psychological 10,300 mark. Indicating a positive start for Nifty 50 in India, the Nifty futures on the Singapore Stock Exchange were trading 35 points, or 0.35 per cent, higher at 10,273.50 this morning.
The rise in Sensex was marked by a surge in the shares of Tata Steel, Bharti Airtel, Asian Paints, Hero Motocorp which rose by more than 0.7% each, with shares of Tata Steel and and Bharti Airtel gaining more than 1% each in the opening trade. In the broader Nifty-50, shares of Dr Reddy’s Lab and Adani Ports were trading higher by more than 0.5% each. Across the indices, shares of SBI, Coal India, Sun Pharma and Infratel tanked by more than 0.5% each.
Earlier, it was expected that the stock markets will open on a positive note as the fears of a full blown trade war began to recede with the softening of US’s stance on steel and aluminium tariffs by exempting key allies which pushed Asian share markets higher. Asian shares rallied and the Japanese yen eased on Friday after North Korean leader Kim Jong Un had offered to stop nuclear and missile testing and U.S. President Donald Trump agreed to a meeting that could come before May, Reuters reported.
Notably, the Dow Jones Industrial Average index gained nearly 100 points, or 0.38 per cent, to settle at 24,895.21 on Thursday. Further, according to a Reuters report, the S&P500 index gained 12.17 points, or 0.45 per cent, to 2,738.97. Apart from international cues, the mutual fund investors seem to be upbeat despite a a recent correction in the stock markets as they continued to pour money into equity-oriented schemes, with February net inflows coming in at Rs 21,294 crore in February as against Rs 23,055 crore in January. This is despite the imposition of LTCG tax in Union Budget 2018. Yesterday, stock markets closed higher, reversing a six-day losing streak on the back of strong Asian market cues, with the 30-shares Sensex closing 305 points higher at 33,351.57 and Nifty closing at 10,235.95.