The benchmark indices are trading over 1.5 per cent higher taking cues from the Asian equity markets which have risen as China and the United States expressed optimism about resolving their bruising trade war.
Among the sectoral indices, the Nifty Auto index is trading over 3 per cent higher led by a rise in Eicher Motors, Hero MotoCorp and Mahindra & Mahindra. The Nifty Bank index, too, has risen around 1 per cent led by YES Bank.
Amid stock-specific action, Oil and Gas stocks are trading higher led by BPCL, which has risen over 4.5 per cent while IOC has risen over 4 per cent in opening deals ahead of its Q2 earnings. Shares of Indraprastha Gas (IGL) have rallied 6% to Rs 297 per share on the BSE in early morning trade on Friday, extending their 11% rally in the past two trading days after the company agreed to take over the supply of natural gas in Gurugram district from Haryana City Gas Distribution (HCGDL).
The Supreme Court has suggested that IGL take over the natural gas supply in Gurugram from HCGDL.
That apart, over 200 companies including IOC, Hindalco, PNB, Reliance Power and SAIL are likely to announce their September quarter earnings later in the day.
The rupee too firmed up against the US dollar, reclaiming the 72-per-dollar levels. The Indian currency has risen to 72.88 against the greenback so far in intra-day trade, up from its previous close of 73.45 per dollar.
Asian equity markets rose on Friday as China and the United States expressed optimism about resolving their bruising trade war.
However, a warning from tech giant Apple Inc on holiday sales amid emerging market weakness weighed on technology shares.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 per cent, adding to the previous session’s strong gains. Japan’s Nikkei stock index was up 1.27 per cent.>