The gains of domestic equity benchmark indexes were extended from the previous session. They rose substantial in Friday morning session.
The previous session saw the indices close with a gain in volatile trade of around 1%, aided by strong buying support for IT stocks and auto parts.
Markets are expected to see a positive start today if they have firm global cues. A private report indicating that India’s economy could grow by 7.8 to 7.8 percent this fiscal will encourage traders,” said Mohit Ngam, Head – PMS at Hem Securities.
Trades might be interested to know that Prime Minister NarendraModi appealed to the exporters and industry stakeholders to set long-term export goals for themselves and to suggest ways for the government to achieve them, Nigam stated.
At 9.37 a.m., sensex was 52,651.98 point, up 386.26 or 0.74 Percent, while nifty stood at 15,687.60 point, up 130.95 per cent or 0.84 Percent.
Bharti Airtel, Indusind Bank and Eicher Motors were the top five gainers of the Nifty 50 companies. Tech Mahindra and Infosys were the top five losers. HCL Technologies data from the National Stock Exchange showed that BPCL, BPCL, and Asian Paints were the top five losers.
There are certain clear economic and market trends. Leading indicators, such as the PMI in Europe and US and retail sales in Europe and US, indicate an economic slowdown. This slowdown is being experienced by most central banks around the globe, who are increasing their rates. This slowdown will not stop and may lead to the US economy entering recession. The market is aware of this and equities are oversold, which triggers short-term upmoves,” stated V K Vijayakumar Chief Investment Strategist, Geojit Financial Services.
Vijayakumar said that yesterday’s “whipsaw” movement in Nifty reflected this uncertainty, confusion and lack of direction.