The markets on Friday opened higher with Sensex at 62,609.99, up by 181.45 points and Nifty was at 18,554.45 with a gain of 66.70 points. Tech Mahindra, Ultra Tech Cement, Tata Steel, ICICI Bank and HCL Tech were the top gainers whereas Tata Motors, Nestle, Asian Paints, IndusInd Bank and Infosys were the top losers.
JP Morgan raises India's annual growth
JP Morgan raised India's annual growth by 50 basis points to 5.5 per cent for financial year 2024. However, it added that global economic slowdown and tighter financial conditions will continue to drag the economy down.
Adani Enterprises removed from short-term ASM
BSE and NSE in a circular on Thursday said it will remove Adani Enterprises from the short-term additional surveillance measure framework from Friday.
Markets on Thursday
Despite gains for pharma, real estate and media sectors, Sensex ended the day 189.87 points lower at 62,432.37. Nifty also dropped 0.26 per cent to hit 18,485.90 points at the closing bell. The domestic exchanges ended the day on a subdued note despite positive global sentiment after the US house passed its debt ceiling bill.
Coal India was among the worst losers after the government announced an offer for sale to divest, and was joined by Bharti Airtel, SBI Life Insurance and HDFC Life in the red zone.
With the vote to suspend the US debt ceiling and the signs of slowing wage pressure increasing hopes that the Federal Reserve will pause interest hike the stocks on Wall Street surged on Thursday. The Nasdaq Composite gained 165.70 points to 4,221.09, S&P 500 added 41.26 points to 4,221.09 while the Dow Jones Industrial Average rose 154.09 points at 33,062.36.
After a positive close to the US stock markets the Asian stock markets on Friday were trading higher. Singapore's SGX Nifty rose 77 points to 18,640, South Korea's KOSPI was higher with an addition of 22.98 points at 2,592.15, Japan's Nikkei 225 jumped 240.75 points at 31,388.76 and Hong Kong's Hang Seng was at 18,628.36 with a gain of 411.45 points.
Oil prices on Friday rose after trading lower for three straight session. This was majorly as the markets were considering the likelihood of price-supportive OPEC+ production cuts over the weekend after US suspended the debt ceiling. Brent crude futures rose 13 cents to $74.41 per barrel and US West Texas Intermediate crude was at $70.25 per barrel with a gain of 15 cents.
Indian rupee on Friday opened higher for the second consecutive day at 82.32 per dollar against Thursday's close of 82.41.