Sensex, Nifty open higher as global banking concerns ease
Domestic equity markets opened on a strong note on Friday, with benchmark Sensex jumping over 350 points tracking positive global cues and easing concerns about banking sector trouble in the US and Europe.
The 30-share BSE Sensex advanced 352.26 points, or 0.61 per cent, to 57,987.10, while the broader NSE Nifty climbed 124 points, or 0.73 per cent, to 17,109.60.
Sensex stocks registered gains in 24, while 6 remained in the red mark. In the Nifty pack, 39 stocks were trading higher and 11 were trading lower.
Both the indices had closed in positive territory on Thursday, snapping a five-day losing streak.
European and American stocks closed with good gains on Thursday.
Deepak Jasani, head of retail research at HDFC Securities, said a multi-billion dollar lifeline for beleaguered US and European banks on Friday boosted investor confidence and boosted sentiment in battered stocks, though concerns now focused on whether the global financial crisis has been completely averted or not. ,
Jasani said Asian markets on Friday extended a risk-on rally in a wild week in the US, in which a looming banking crisis dragged bond yields lower, while market participants braced for future interest rate hikes in developed economies. Sharply lowered expectations.
For the sixth straight trading session on Thursday, foreign institutional investors (FIIs) were net sellers of domestic equities as they offloaded shares worth Rs 282.06 crore, BSE data showed.
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