Indian equity benchmarks on Friday traded higher in opening deals, taking cues from the global markets. Asian stocks tracked overnight Wall Street gains as fears of an economic slowdown eased. Moreover, the sterling began to claw back recent losses after Boris Johnson resigned as British Prime Minister.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a cautious start for the domestic indices.
The 30-share BSE Sensex jumped 316 points or 0.58 per cent to 54,495 in the early session, while the broader NSE Nifty moved 104 points or 0.64 per cent higher to trade at 16,236.
Mid- and small-cap shares were trading on a strong note as Nifty Midcap 100 rose 0.32 per cent and small-cap climbed 0.59 per cent.
13 out of the 15 sector gauges — compiled by the National Stock Exchange — were trading in the green. Sub-indexes Nifty Bank and Nifty Auto were outperforming the NSE platform by rising as much as 0.67 per cent and 0.77 per cent, respectively.
On the stock-specific front, M&M was the top Nifty gainer as the stock soared 2.80 per cent to Rs 1,165.05. L&T, Coal India, Axis Bank and NTPC were also among the gainers.
The overall market breadth was positive as 1,715 shares were advancing while 622 were declining on BSE.
On the 30-share BSE index, L&T, M&M, NTPC, Axis Bank, ICICI Bank, UltraTech Cement, PowerGrid, Infosys, Tech Mahindra, Kotak Mahindra Bank, Sun Pharma and Wipro were among the top gainers.
Also, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, rose 1.17 per cent to trade at Rs 706.30.
In contrast, Asian Paints, Tata Steel, IndusInd Bank, Hindustan Unilever, Titan, TCS, Bajaj Finance, Dr Reddy’s and Maruti were trading in the red.
Sensex had surged 427 points or 0.80 per cent to close at 54,178 on Thursday, while Nifty had moved 143 points or 0.89 per cent higher to settle at 16,133.