Indian equity benchmarks on Friday staged a positive opening amid positive global cues. Asian shares traded higher as the US dollar eased, with markets turning calmer after a record interest rate hike from the European Central Bank (ECB) and hawkish comments from the U.S. Federal Reserve Chair reinforced bets of aggressive tightening ahead. The ECB raised interest rates by a record 75 basis points (bps).
Overnight, Wall Street’s key indexes posted modest gains after heavy selling earlier in the week.
Here are the stock market Live updates:
* Market opening: Sensex surges 402 points or 0.67 per cent to trade at 60,090, Nifty jumps 117 points or 0.66 per cent to trade at 17,916
* Expert View: “Indices made handsome gains yesterday due to strong buying in banking and IT stocks. PSU bank index was the top gainer. We believe further buying will enable the indices to come out of this consolidation range and can take the indices towards crucial levels of 18,000. On the technical front, the key resistance level for Nifty is 17,850 followed by 17,900 and on the downside 17,700 followed by 17,650 can act as strong support. Key resistance and support levels for Bank Nifty are 40,400 and 39,850 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
* Pre-opening: Sensex rises 358 points or 0.60 per cent to trade at 60,046 in pre-opening trade
* Expert View: “In the last public appearance before the September 20-21 Fed meeting, its chief Jerome Powell, yesterday, reiterated his resolve to fight inflation “until the job is done.” So a 75 bps rate hike on September 21 will not surprise the market. The market now believes that the sharp rate hikes will not cause a deep recession. That’s why the global cues have turned slightly positive. In India, the market momentum is so strong that the benchmark indices are moving towards previous record highs. Even though valuations are getting expensive investors should remain invested in this strong market. Strong FII buying and a short covering can surprise the market on the upside. Domestic economy-facing stocks continue to be the favourites. Bank Nifty is moving towards record highs,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
* Stocks in F&O ban: Delta Corp is the only stock in F&O (Futures and Options) ban period today.
* FII-DII data: Foreign institutional investors (FIIs) have purchased Rs 2,913.09 crore worth of shares, while domestic institutional investors (DIIs) have sold Rs 212.61 crore worth of shares on September 8, provisional NSE data showed.
* SGX Nifty: Trends on SGX Nifty indicated a gap-up opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 97.5 points or 0.55 per cent to 17,917.
* Strong global cues: Asian stocks were in green during early deals, taking cues from an overnight rise on Wall Street.
* Previous session: The 30-share BSE Sensex had surged 659 points or 1.12 per cent to close at 59,688 on Thursday, while the broader NSE Nifty had jumped 174 points or 0.99 per cent to settle at 17,799.