Share Market Opening Bell: Stock market buzzing, Sensex jumps more than 800 points, Nifty crosses 24500
New Delhi| The domestic stock market appeared buzzing a day after the holiday and on the last trading day of the week. Sensex jumped more than 400 points in early trade, while Nifty was seen trading beyond 24400 points.
Rise in Sensex and Nifty
Equity benchmark indices Sensex and Nifty surged in early trade on Friday amid strong prospects for an India-US trade deal, record high GST collections in April and continued foreign fund inflows. Apart from this, strong trend in global markets also boosted the positive trend in equities. The 30-share BSE benchmark rose 500.81 points to 80,743.05 in early trade. NSE Nifty rose 110.65 points to 24,444.85. Later Sensex rose by 816.41 points to 81,064.47 points and Nifty rose by 222.30 points to 24,556.50.
Adani Ports jumped by about five percent
Among Sensex companies, Adani Ports jumped by about five percent. The company has reported a 50 percent increase in net profit for the March quarter. The company also released a year-on-year high revenue growth forecast for the current financial year. It cited strong growth.
Who benefits and who suffers?
Maruti, IndusInd Bank, Axis Bank, ICICI Bank, Eternal and Mahindra & Mahindra also gained. Nestle, Titan, Bajaj Finserv and Hindustan Unilever were seen lagging behind. Foreign institutional investors (FIIs) bought equities worth Rs 50.57 crore on Wednesday, according to exchange data.
Condition of Asian and American markets
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng were trading on a positive note, while the Shanghai SSE Composite index appeared to be trading marginally down. US markets closed in positive territory on Thursday.
Rupee rises 77 paise against US dollar
The rupee rose 77 paise to 83.77 against the US dollar in early trade. In the interbank foreign exchange market the domestic unit opened at 83.98 against the dollar. It gained ground over time, peaking at $83.77. This is 77 paise more than the previous closure. The rupee rose 42 paise to 84.54 against the US dollar on Wednesday.
