The Indian equity benchmark indices opened higher on Friday led by financials and pharma stocks amid positive global cues.
At 9:15 am, the Sensex opened 0.43 percent, or 208.13 points higher at 48,898.93, while the Nifty50 index opened at 14,749.40, up 52.90 points, or 0.36 percent.
Broader markets traded higher with Nifty Smallcap100 and Nifty Midcap100 indices up 0.80 percent and 0.47 percent, respectively.
Among sectoral indices, the Nifty PSU Bank saw the most gains followed by Nifty FMCG, Nifty Pharma and Nifty Financial Services. Selling was seen in IT, metals and auto indices.
UPL, Asian Paints, Coal India, Cipla and Dr Reddy's Laboratories were the Nifty50 top gainers, while Wipro, TCS, Tata Steel, Infosys and Tech Mahindra were the top losers.
UPL shares rallied over 4 percent after the company’s Q4FY21 consolidated profit jumped 73.6 percent to Rs 1,361 crore from Rs 784 crore and revenue rose 14.9 percent to Rs 12,796 crore from Rs 11,141 crore, YoY.
Globally, Japanese shares led a rebound in Asian markets on Friday, building on the lead from investors on Wall Street snapping up stocks that would benefit most from an economic recovery, a Reuters report said.
The rally interrupted a three-day rout for stocks globally, as market jitters over accelerating US inflation were calmed by Federal Reserve officials reiterating that price pressures from the reopening of the economy would prove transitory.
Japan’s Nikkei jumped 1.3 percent, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6 percent. Chinese blue chips rose just 0.1 percent, while Australia’s benchmark rallied 0.7 percent.