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Sensex and Nifty50 make a gap-up start on financial and oil & gas boost

Sensex and Nifty50 make a gap-up start on financial and oil & gas boost

By Sandeep Singh   IST (Published)

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Financial, oil & gas, FMCG and IT stocks were the biggest contributors to the gain in the headline indices. 

Indian equity benchmarks began the last trading session of the week in the green led by gains across sectors, amid strength across global markets though concerns persisted about steep hikes in COVID-era interest rates and their impact on economic growth.
Both Sensex and Nifty50 rose more than one percent after a gap-up start. The 30-scrip index jumped as much as 644.2 points to 52,909.9 in the first few minutes of trade, and the broader Nifty50 benchmark climbed to as high as 15,725.6, up 169 points from its previous close.
Financial, oil & gas, FMCG and IT stocks were the biggest contributors to the gain in the headline indices.
IndexOpening gain (%)
Nifty Midcap 1000.7
Nifty Smallcap 1000.9
As many as 44 stocks in the Nifty50 basket began the day in the green.
IndusInd, Eicher, Britannia, Hindustan Unilever and Bharti Airtel were also among the top gainers, rising around 2-4 percent in early deals.
Reliance, HDFC Bank and ICICI Bank were the biggest contributors to the gain in both main indices. The three accounted for almost 200 points to the rise in the 30-scrip gauge.
Overall market breadth was in favour of the bulls.
Earnings will be the primary driver for Indian equities to outperform global shares, Abhilash Narayan, Senior Investment Strategist-Group Wealth Management at Standard Chartered Bank, told CNBC-TV18.
“Within emerging markets, we are of the view that Indian and Chinese equities will outperform global equities... When it comes to Indian equities, earnings per share (EPS) growth for the next year or so still remains very healthy at around 19 percent, well above the levels seen in the US and Europe," he said.
Global markets
Equities in other Asian markets bounced back following a strong session on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was up 1.1 percent at the last count.
Japan's Nikkei 225, China's Shanghai Composite and Hong Kong's Hang Seng saw gains of around one percent each.
S&P 500 futures were up 0.5 percent. On Thursday, strength in defensive and tech stocks outweighed weakness in economically-sensitive pockets on Wall Street. The three main indices climbed up 0.6-1.6 percent.
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