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Sensex extends gains, Nifty around 11,050

Indian indices keep on the power way

Mumbai.

Equity benchmarks have resumed their uptrend from Thursday as the Sensex is trading over 150 points higher on Friday, while the Nifty is placed above 11,070.

Financial stocks are seeing some pressure, but other sectoral indices such as auto, energy and metals are all trading in the green. Midcaps continue to remain under pressure; the Nifty Midcap index is flat with a negative bias. Among stocks, HCL Tech is seeing some profit booking this morning after the firm announced Rs 4,000-crore buyback; it had rallied in the run up to this Board meeting which took this decision.

Shares of Infosys are up 1 percent ahead of Q1 results that will be declared later in the day. Fortis Healthcare, on the other hand, is up around 3 percent after IHH’s bid was accepted by the firm.

The market has begun Friday on a positive note, with the Sensex gaining around 100 points in the opening tick, while the Nifty has managed to stay around 11,000-mark.

The Sensex is up 97.49 points or 0.27% at 36645.90, while the Nifty is higher by 26.80 points or 0.24% at 11050.00. The market breadth is positive as 259 shares advanced, against a decline of 87 shares, while 36 shares are unchanged.

Majority of sectoral indices are trading in the green, with energy and metal stocks gaining the most, while financials are witnessing some pressure. Midcaps are trading marginally higher.

Shares of oil marketing companies are trading strong. The likes if IOC, BPCL and HPCL are all up as oil prices headed lower, while Infosys was also in the green ahead of its June quarter results.

Among global markets, Asian shares were higher following gains on Wall Street overnight, as concerns over an escalating US trade war with China took a breather. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, building on a 0.6 percent rise on Thursday, after US stocks ended the day higher.

Australian shares also gained 0.2 percent, while Japan’s Nikkei stock index was 1.2 percent higher.

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