Benchmark Indian equities rose sharply on Friday as Dalal Street entered the August derivative series, tracking gains in global markets as concerns about sharp interest rate hikes eased. era.
Investors were expecting more earnings from India Inc companies for clues, with HDFC, Indian Oil and Ashok Leyland among the blue chip companies due to release their numbers later in the day.
The Sensex rose 630.8 points or 1.1% to hit 57,488.6 at an early trade high, and the Nifty50 climbed as high as 17,129.4, gaining 199.8 points or 1, 2% from its previous close.
“The big bright spot for the Indian market is that FIIs are cutting sales significantly… The expected outperformance of financial stocks has played out well, with April-June results indicating an improving outlook for the sector. The rebound short hedging in IT may continue in the near term,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Shares in other Asian markets pushed higher following a second straight strong session on Wall Street overnight. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.7% at the latest count. Japan’s Nikkei 225 rose 0.6%.
S&P 500 futures also rose 0.6%. The three major U.S. indexes jumped about 1% on Thursday, after data showing a second straight quarterly contraction in the world’s largest economy fueled speculation that the Fed may not need to. be aggressive with interest rate hikes.
(This story will be updated shortly)
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