Banking, auto and energy stocks led gains across sectors
Domestic stock markets started Friday’s session on a positive note tracking gains in Asian equities following a technology stocks-led rally in the US. The S&P BSE Sensex index rose as much as 339.39 points – or 0.89 per cent – to touch 38,559.78 in the first few minutes of trade, after starting the day up 251.54 points at 38,471.93 in a gap-up opening. The broader NSE Nifty 50 benchmark climbed to as high as 11,413.70, up 101.5 points or 0.90 per cent from its previous close. Gains across sectors, led by banking, automobile and energy shares, pushed the markets higher.
At 9:21 am, the Sensex traded 312.77 points – or 0.82 per cent – higher at 38,533.16 while the Nifty was up 92.80 points – or 0.82 per cent – at 11,405.00.
All of the 50 shares in the Nifty basket moved higher. PowerGrid, Coal India, State Bank of India (SBI), Tata Motors and NTPC – trading between 1.68 per cent and 3.09 per cent higher – were the top percentage gainers in the index.
Equities in other Asian markets rose on Friday after a technology stocks-driven rally on Wall Street in which the Nasdaq Composite index hit a record high despite downbeat data that affirmed the US central bank’s dour outlook on economic recovery.
MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.72 per cent higher, while Japan’s Nikkei 225 benchmark was up 0.32 per cent.
On Thursday, gains in Apple, Amazon.com and Microsoft underpinned a rally in Wall Street’s three main indices as investors bet the tech giants would ride out the economic crisis.
Minutes from the Federal Reserve’s latest policy meeting gave a somber assessment of the US economy as it grapples with the coronavirus pandemic. The US central bank has ruled out more dovish easing policy measures for now.
