In early trading on Friday, Indian equities indices rose on favourable global cues. Due to upbeat retail earnings forecasts, Asian stocks extended overnight worldwide advances. Investors were also reassured by minutes from the US Federal Reserve, which revealed that a pause in interest rate hikes is expected later this year.
Trends on the Singapore Exchange’s Nifty Futures (SGX Nifty) suggested a gap-up start for the domestic indices.
In early trade, the 30-share BSE Sensex rose 457 points, or 0.84 percent, to 54,710, while the wider NSE Nifty rose 140 points, or 0.86 percent, to 16,310.
Nifty Midcap 100 jumped 1.03 percent, while small-cap rose 1.15 percent, indicating that mid- and small-cap stocks were performing well.
The National Stock Exchange’s sector indices were trading in the green 14 out of 15 times. The Nifty IT and Nifty Auto sub-indices both outperformed the NSE platform, advancing 1.99 percent and 0.97 percent, respectively.
On a stock-by-stock basis, Tech Mahindra was the leading gainer, with the stock rising 3% to 1,111. Among the gainers were Infosys, HCL Tech, Wipro, and IndusInd Bank.
Tech Mahindra, Infosys, HCL Tech, Wipro, IndusInd Bank, TCS, HDFC, Bajaj Finserv, Bajaj Finance, L&T, UltraTech Cement, and Axis Bank were among the leading gainers on the 30-share BSE index.
Asian Paints, NTPC, PowerGrid, Nestle India, Dr Reddy’s, and ITC, on the other hand, were trading in the red.