The European stocks traded marginally in the positive range as the ECB (European Central Bank) meet on Thursday made a decision to keep key rates unchanged.
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The Nifty-50 reclaimed its crucial level of 8,250 supported by gains in realty, power, oil & gas, metal, and banking stocks.
Also, the NSE Nifty was trading higher by 35.10 points, or 0.42 per cent, at 8,213.60.
At 2:30 p.m., the barometer 30-scrip sensitive index (Sensex) of the BSE, which had opened at 26,919.23 points, was trading at 26,874.65 points – up 31.51 points, or 0.12 per cent.
The broader NSE Nifty was up 0.36 percent at 8,248.65 as of 0750 GMT, after rising as much as 0.52 percent to its strongest since October 26 earlier in the day.
The key Indian indices had closed at a fresh seven-month closing-high on Thursday.
Short covering, coupled with lower-level value buying, lifted the Indian equity markets on Thursday. The gauge had gained 45.97 points in the previous session. Besides, stable crude oil prices after the OPEC meet failed to agree on output limits aided the rise in key indices.
On the global front, Asian market ended the week’s final session on positive note as investors held their positions ahead of USA employment data that could add to or detract from the case for a Federal Reserve interest rate hike this month or in July.
“Pharma sector stocks are trading with mix sentiments and struggling to recover from day’s low”.
Domestic markets got a leg up after the meteorological department stuck to its initial forecast for above average monsoon rains in 2016, boosting hopes for a revival in farm output which could translate into lower food prices and also lower interest rates. The Nikkei Services Purchasing Managers’ Index for India fell from 53.7 in April to 51.0 in May. A hike in the United States interest rates is expected to lead away Foreign Portfolio Investors (FPIs) from emerging markets such as India.
The stock declined by 5 per cent to Rs 121.70 at BSE.
Tata Steel, SBI, Maruti Suzuki, HDFC, Adani Ports, Lupin Dr Reddy’s, Axis Bank, Bajaj Auto, ICICI Bank, Hero MotoCorp and NTPC maintained their upward journey.
Stocks of Adani Ports emerged top gainers among Sensex consitutents by rising 4.98 per cent to Rs 202.20, followed by Asian Paint 3.54 per cent to Rs 1,018.95.
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Stocks of FMCG, oil&gas, healthcare, teck, IT, consumer durables and PSU led the gains.
