Indian equity benchmarks on Friday traded higher in opening deals amid positive global cues. Asian shares extended overnight global gains due to optimistic retail earnings outlooks. Investors also took comfort from U.S. Federal Reserve minutes showing a pause to its interest rate hikes is on the cards later this year.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-up start for the domestic indices.
The 30-share BSE Sensex jumped 457 points or 0.84 per cent to 54,710 in early trade, while the broader NSE Nifty moved 140 points or 0.86 per cent up to trade at 16,310.
Mid- and small-cap shares were trading on a strong note as Nifty Midcap 100 rose 1.03 per cent and small-cap gained 1.15 per cent.
14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty IT and Nifty Auto were outperforming the NSE platform by rising as much as 1.99 per cent and 0.97 per cent, respectively.
On the stock-specific front, Tech Mahindra was the top gainer as the stock soared 3 per cent to Rs 1,111. Infosys, HCL Tech, Wipro and IndusInd Bank were also among the gainers.
On the 30-share BSE index, Tech Mahindra, Infosys, HCL Tech, Wipro, IndusInd Bank, TCS, HDFC, Bajaj Finserv, Bajaj Finance, L&T, UltraTech Cement and Axis Bank were among the top gainers.
In contrast, Asian Paints, NTPC, PowerGrid, Nestle India, Dr Reddy's and ITC were trading in the red.
Sensex had climbed 503 points or 0.94 per cent to close at 54,253 on Thursday, while Nifty had moved 144 points or 0.90 per cent up to settle at 16,170.