Mumbai: Friday saw advances for India’s market indices due to encouraging global trends.
Sensex was up 867 points, or 1.07 percent, at 79,730 at 9:33 a.m., while Nifty was up 257 points, or 1.07 percent, at 24,374.
Additionally, buying is seen in small- and mid-cap equities. The Nifty smallcap 100 index has increased by 185 points, or 1.01%, to 18,492, while the Nifty midcap 100 index has increased by 515 points, or 0.91 percent, to 57,196.
India VIX, an indicator of stock market volatility, is down 5.72 percent at 15.65.
Almost all NSE indices are trading in the green. The major gainers are auto, IT, metal, realty, energy, and media.
All 30 Sensex stocks are trading in the green. Tech Mahindra, HCL Tech, Tata Motors, M&M, TCS, and Wipro are the top gainers.
Major Asian markets are in the green. Tokyo, Shanghai, Seoul and Bangkok are the major gainers. The US market closed in the green on Thursday following jobless claims, which fell more than expected.
On August 8, foreign institutional investors (FIIs) sold equities worth Rs 2,626 crore, while domestic institutional investors bought equities worth Rs 577 crore on the same day.
Choice Broking said: “After a gap-up opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500.”
“The sharp rebound in US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower than expected, indicating that the labour market is not loosening as many sceptics feared. However, it is important to understand that the US economy is slowing down, and along with the struggling Chinese economy, it can pull down global growth in the near term,” another expert said.
–IANS
