New Delhi: The Indian equity benchmarks on Friday started trading in green led by gains across all sectors. Asian shares snapped two days of losses as investors waited to see whether U.S. jobs data due later in the day would reinforce the need for faster U.S. interest rate hikes.
Back home, as of 9:20 am, the 30-share BSE Sensex pack was up 402 points or 0.67 per cent at 60,004 and the broader NSE Nifty moved 111 points or 0.63 per cent higher to 17,857.
Mid- and small-cap shares were trading on a positive note as Nifty Midcap 100 index was up 0.42 per cent and small-cap shares were trading 0.69 per cent higher.
"The Indian benchmarks started with a gap-up opening, with a mix of global cues amid a flat US market and negative European market. Traders can take a cautious position as Covid-19 cases are rising in India. As per yesterday data, foreign institutional investors (FIIs) were the seller and domestic institutional investors (DIIs) were net buyers in the Indian equity market," Gaurav Garg, Head of Research, Capitalvia Global Research Ltd told NDTV.
"Our research suggests that if Nifty spot crosses and sustains the level of 17,910, we may expect a further gain in the index. If the market doesn't sustain the 17,910-level, we can expect it to trade till the lower range of 17,710-17,510," he added.
On the stock-specific front, ONGC was the top Nifty gainer as the stock surged 2.59 per cent to Rs 154.70. Titan, Grasim, ICICI Bank and Coal India were also among the gainers.
On the flipside, Dr Reddy's, HDFC, Cipla, Divi's Lab and Infosys were among the losers.
The overall market breadth was positive as 2,157 shares were advancing while 594 were declining on BSE.
On the 30-share BSE platform, Titan, ICICI Bank, HDFC Bank, SBI, Kotak Mahindra Bank, IndusInd Bank and Reliance Industries attracted the most gains with their shares rising as much as 2.62 per cent in early trade.
Dr Reddy's, HDFC, Bharti Airtel, HCL Tech, Infosys and Maruti were among the losers.
The benchmark BSE Sensex had slumped 621.31 points or 1.03 per cent to finish at 59,601.84 on Thursday; while the broader NSE Nifty had plunged 179.35 points or 1 per cent to settle at 17,745.90.