Nifty is now clearly moving away from the gravitational pull of the bears, says an expert.The domestic stock markets started Friday's trading session in the green.
The SP BSE Sensex opened at 34,743.95 as compared to its previous close of 34,431.97.
The Nifty index of the National Stock Exchange (NSE) started at 10,441.70, against its last close of 10,380.45.
In the first few minutes of trade, the Sensex traded at 34,743.95, up 311.98 points or 0.91 per cent, and the Nifty at 10,462.30, with a gain of 81.85 points or 0.79 per cent.At its day's high of 34,757.35 so far, the Sensex surged 325.38 points.
Nifty's intraday high so far was 10,472.90 as it surged as much as 92.45 points.The top five Nifty gainers were Bharat Petroleum, Yes Bank, Asian Paints, Indian Oil, and Hero MotoCorp.Experts are hopeful that markets will now rise on easing of liquidity crisis, falling crude oil prices and firm global cues.
"The Nifty is now clearly moving away from the gravitational pull of the bears.
With better international cues, retracing crude oil and worst of the NBFC (non-banking financial companies) liquidity crisis behind our back, Nifty is on its way to higher levels," said VK Sharma, Head PCG Capital Markets Group, HDFC Securities.On Thursday, foreign portfolio investors bought while domestic institutional investors sold net equities of Rs 348.75 crore and Rs 509.17 crore respectively.In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 per cent, adding to the previous session's strong gains, reported news agency Reuters.In overnight trade, US stocks rose for a third straight session as President Donald Trump said trade talks with China were "moving along nicely," reviving hopes that the two countries can resolve their trade dispute.In the commodities market, oil prices as record crude output by the world's top-three producers offset supply concerns from the start of US sanctions next week against Iran's petroleum exports.
Front-month Brent crude futures, the international benchmark for oil prices, were at $72.86 per barrel at 0041 GMT or 6:11 am IST, down 3 cents from their last close.
(With agency inputs)