Indian markets continue positive trend after upbeat in global markets

Mumbai (Maharashtra) [India], May 3 (ANI): The stock market indices, Sensex and Nifty 50, started the Friday trading session on a positive note in line with upbeat global market trends.

The Nifty 50 index opened at 22,766.35 and gained 134.25 from the previous close while the Sensex index opened at 75,017.82 and gained 408.25 points from Thursday. Both the indices have gained around 0.5 per cent during the early trade.

In the Nifty 50 index at the time of filing this report, 38 stocks were trading in advance and 12 stocks in decline.

The shares of Bajaj Finance, Bajaj Finserve, ONGC, NTPC and Shri Ram Finance made into the list of top gainers of Nifty 50, while the Adani Enterprises, Hero Motocorp and Bharti Airtel made into the list of top losers.

The stocks of Bajaj Finance gained more than 6 per cent and Bajaj finserve gained more than 3 per cent after the strong buying trend in both the companies.

“Better than anticipated guidance from Apple and the announcement of a USD 110 billion share buyback post US markets close set the stage for smart market action in Asia this morning” said Ajay Bagga, Banking and Market expert.

He further added “Markets are still hopeful of geopolitical breakthrough on the Israel-Hamas front over the next few days”.

The share of Kotak bank opened with a marginal gain at Rs 1583, it has declined more than 14 per cent since the RBI barred the bank for on boarding new online customers, and issuing new credit cards. It closed at Rs 1575.65 on Thursday.

“Market movements ahead of the US nonfarm payrolls data suggest anticipation of clarity on Federal Reserve policy. Options market indicators suggest expectations of significant stock volatility post the jobs report release” said Varun Aggarwal, MD, Profit Idea.

In Asia, equities advanced while the yen strengthened ahead of the US jobs data release. Australian and South Korean markets rose, while Japanese and mainland Chinese markets remained closed for holidays. The S&P 500 and Nasdaq 100 surged on Thursday, driven by better-than-expected results from Apple Inc.

During the Thursday’s trading session, Indian stock market indices closed with modest gains amidst mixed global cues following the US Federal Reserve’s monetary policy announcement. The Sensex concluded at 74,611.11, up 128.33 points (0.17 per cent), while the Nifty 50 settled at 22,648.20, up 43.35 points (0.19 per cent).