Despite mixed global cues, Sensex rises 200 points to open on a positive note above the 60,000 market, while Nifty has inched closer to 17,800 with a 50 point jump. Even though all stocks were volatile, the FMCG and automobile sectors were among top gainers. Fear of inflation and recession remain persistent after ECB’s 75 point interest rate hike.
SBI Card’s stock saw a 5 per cent dip due to profit booking after the firm reported a 52 per cent rise in profit on Thursday. Energy stocks such as ONGC and Coal India made gains, while the metal sector was rusty with Tata Steel and Hidalco slowing down.
Rupee on the other hand gained 4 paise against the US dollar to reach 82.29 in early trade. The change came with the dollar softening due to a slide in consumer spending in the US.
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