Positive global cues along with value buying opportunities lifted India's key equity indices - S&P BSE Sensex and NSE Nifty50 - during Friday's trade session, which had seen downward trend on Thursday owing to foreign fund outflows along with subdued global cues.
On Friday, both Sensex and Nifty are seen hovering at new highs after trading below opening levels for much of the morning session. With positive quarterly results coming from companies across sectors, buying pressure has returned and tech stocks started gaining.
At 10.15 a.m., the 30-scrip sensitive index traded at 60,154.03 points, up 234.34 points or 0.39 per cent. The Sensex opened at 60,248.04 points from its previous close of 59,919.69 points.
Besides, the NSE Nifty50 traded at 17,959.25 points, up by 85.65 points or 0.48 per cent.It opened at 17,977.60 points from its previous close of 17,873.60 points.European stocks were little changed on Thursday after concerns about US inflation spike offset some relief around property developer China Ever Grande and a slew of corporate earnings.
The IPO of Latent View Analytics Ltd, that is closing on Friday, was subscribed 158.10 times as of 01:32 pm, while the shares of Fino Payments Bank, which listed on the exchanges on Friday, were trading at a discount.
Globally, Asian markets traded lower following the inflation scare related fall in the US but recovered a bit from morning lows.In terms of sectors, the consumer durable index rose the most whereas realty, banks, telecom and healthcare indices fell the most.
According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Going ahead, market is likely to continue with its consolidation given weak global cues, persistent FII selling and last leg of earnings season. Investors would now await clues from US Fed as to how soon it would start hiking interest rates."
"Otherwise the domestic macro trends continue to be encouraging while active Covid cases continue its declining path. Thus long term investors should buy into this correction in staggered manner while traders should follow stock specific action."
"Rising inflationary pressure along with prospects of an early rate hike can keep the domestic market on edge as such indicators tempt foreign investors to pump out liquidity from emerging markets like India."