A cautious tone was seen in Indian markets during the opening bell of Friday tracking mixed global cues. However, auto, banking stocks have escaped the selling stance in the markets and outperformed as quarter earnings in focus. Sensex has surged over 60,00-level and Nifty 50 even topped the 17,800-mark so far in the trading session as investors’ sentiments may improve higher on growing expectations that major central banks may tone down their aggressive stance on rate hikes..
The domestic equities are expected to record gains in the morning session as global cues turn positive.
Meanwhile, Maruti Suzuki to be in focus ahead of FY23 second quarter earnings. Among others, Dr Reddy’s Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, and TTK Healthcare will declare their September FY23 quarter earnings later today.
At around 09:36 AM, Sensex was trading at 59,993.78 higher by 236.94 points or 0.40%. Nifty 50 performed at 17,794.75 up by 57.80 points or 0.33%.
In terms of sectoral indices, on NSE, the metal and IT index dived 1.17% and 0.22% respectively while Auto and PSU Bank index outperformed counterparts by surging around 1% each.
Top bulls on Nifty were – Hero MotoCorp surging nearly 2%. Bajaj Auto, RIL, Maruti Suzuki and Kotak Bank advancing between 0.9-1.2%.
Top bears on Nifty were – Sun Pharma, JSW Steel, Tata Steel, Hindalco and Divis Lab slipping around 1% each.
On the global front, Asian markets opened in the red seeing profit booking in the US technology stocks with the Japanese ‘Nikkei’ down over 300 points in early trade even as the yen saw gains to 146.2 against 150 hit 3 days back against the USdollar.
Overnight on Wall Street, US markets witnessed volatile session with Meta dragging the Nasdaq lower on weaker guidance & the stock’s price falling over 24%. Dow Jones gives up gains of over 470 points to close higher by 190 points while Nasdaq falls for third straight session down 178 points.
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