The Sensex and Nifty benchmarks started positive Friday morning and tracked strength in the US and Asian markets this morning. At 9:16 AM IST, the Sensex rose 526.66 points, or 1.01 percent, to 52792.38, and the Nifty rose 163.50 points, or 1.05 percent, to 15720.20.
Top winners and losers
Tech M and Asian Paints were the only losers on the two benchmarks.
In the broader markets, the BSE MidCap and SmallCap indices were also in positive territory, rising to 1 percent.
Sectorally, all pockets were firmly in the green. Profits were led by Nifty bank, financials, private bank and media. Real Estate, Automotive, IT, FMCG, Pharma were other notable winners. Market size was also extremely positive with a pre-decline ratio of 4.8:1.
DCM Shriram’s shares rose 2 percent. The board of directors has approved to invest up to Rs 65 crore for a 26 percent stake in a special purpose vehicle, which will be formed to set up a hybrid wind-solar energy project.
Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “There are some clear economic and market trends. Leading indicators such as PMI and retail sales in Europe and the US point to an economic slowdown. Most of the world’s central banks are raising rates in this slowdown. Therefore, the slowdown will persist and the US economy may worsen into recession. As the market knows this, stocks are in oversold territory, triggering a rise in the near term. The whip movement in Nifty yesterday reflects this uncertainty, confusion and lack of direction Accenture’s results point to continued strong demand for IT Indian IT companies’ Q1 results are likely to be very good, but equity movements will be driven by their FY23 guidance. is a strong positive for cars.”
Global clues
Asian markets jumped in Friday’s trading following Wall Street rallies as investors weighed in on global inflation and recession risks. The MSCI index of Asia-Pacific stocks outside Japan rose 0.96 percent.
Tokyo’s main Nikkei index opened flat in cautious trading on Friday after the Wall Street rally, as investors weighed in on global inflation and recession risks. The benchmark Nikkei 225 index rose 0.04 percent, or 11.14 points, to 26,182.39 in early trading, after fluctuating between positive and negative territory, while the broader Topix index was 0.22 percent or 4.05 points fell to 1,847.69.
Shares in global markets rose Thursday as US Treasury yields fell to a two-week low, while copper was at a 16-month low as investors worried about a possible global economic slowdown. The Dow Jones Industrial Average rose 194.23 points or 0.64 percent to 30,677.36, the S&P 500 gained 35.84 points or 0.95 percent to 3,795.73 and the Nasdaq Composite added 179.11 points or 1.62 percent to 11,232.19.
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