Taking cue from the global market BSE Sensex and NSE Nifty opened in positive with Sensex at 61441.24 up by 827.54 points and Nifty at 18269.20 up by 241 points.
Individual stocks like Zomato, LIC, Adani Power, Hindalco Industries in focus. About 1686 shares have advanced and the gainers include Tech Mahindra, HCL Technologies, TCS, Infosys, Tata Steel and ICICI Bank. Eicher Motors and Hero MotoCorp are amongst the losers.
SGX Nifty was trading almost 350 points higher at 18,378 levels. Nikkei 225, Kospi, Shanghai Composite and Hang Seng also climbed up to 5 per cent.
Even the US market jumped overnight after investors cheered due to the cooler inflation reports. The core consumer price index (CPI) slowed to 7.7 per cent in October. This was below the estimate and the CPI hit the lowest level since January. This caused a sharp jump in Wall Street as Dow Jones, NASDAQ Composite and the S&P 500 went up by 7 per cent. This was one of the biggest one-day rallies since 2020.
"It was well known that the crucial US inflation numbers for October will sway the market either up or down depending on the trajectory of inflation. Now that the inflation print - both CPI and core- has come below expectations, the direction of the markets is a foregone conclusion. The numbers speak for themselves - Nasdaq is up by 7.35 %, S&P is up by 5.5%, the dollar index has crashed to 108.3 and the US 10-year yield has dived to 3.8%. Since the CPI and core print indicate moderation of inflation, it is probable that the Fed might pause after one more hike of 50 bp. This is good news for global equity markets.
Since dollar is weakening, FIIs are likely to increase their buying and with Monthly SIP figure crossing Rs13000 crores, DIIs too will have to deploy the inflows. In brief, it is Advantage Bulls for the near- term. New record for the Nifty is only a question of when," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Thursday, Sensex ended 420 points lower at 60,613.70 and Nifty ended 145.70 points lower at 18,011.30.
Companies like LIC, M&M, Delhivery, Fortis Healthcare and BHEL will release their July-September quarter results today.
Indian Rupee
The Indian rupee on Friday opened at 80.68 against the green, it closed on Thursday at 81.81. It gained 113 paise and is at a 7-week high.
