The Indian equity benchmark indices opened higher on Friday led by gains in IT and banking stocks amid mixed global cues.
At 9:15 am, the Sensex opened 0.47 percent, or 244.74 points higher at 52,568.07, while the Nifty50 index opened at 15,756.50, up 65.10 points, or 0.41 percent.
Broader markets supported the gains with the midcap and smallcap indices trading in the green.
Among sectoral indices, the Nifty IT index saw the most gains followed by Nifty PSU Bank, Nifty Pharma and Nifty FMCG, while selling was seen in metal and auto indices in the early morning session.
Adani Ports & SEZ, IndusInd Bank, Bajaj Finserv, TCS and Infosys were the Nifty50 top gainers, while ONGC, Hindalco Industries, JSW Steel, Tata Steel and Tata Motors were the top index losers.
The share price of PowerGrid Corporation of India gained over a percent after the company’s Q4FY21 consolidated net profit rose 6 percent to Rs 3,526.23 crore from Rs 3,313.47 crore, and revenue increased to Rs 10,816.33 crore from Rs 10,507.65 crore, YoY. The company’s board of directors recommended issue of bonus shares in the ratio of 3:1.
Globally, Asian shares inched higher on Friday but were set for a weekly loss, while the US dollar hovered near two-month highs as investors continued to digest comments from the US Federal Reserve projecting interest rate hikes in 2023, said a Reuters report.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely above water in morning trade after four sessions in the red, edging up 0.01 percent.
Hong Kong’s Hang Seng index gained 0.53 percent and Seoul’s KOSPI was up 0.16 percent. Chinese blue chips swung between gains and losses, and were last down 0.1 percent. Japan’s Nikkei rose 0.31 percent.