Benchmark stock market indices opened higher on Friday, snapping a 2-day losing streak amid positive global cues, supported by higher possibility of a US rate hike pause.
The S&P BSE Sensex rose 184.87 points to 62,613.41 at around 9:40 am, while the NSE Nifty 50 gained 59 points to 18,546.75. All indices in the broader markets were also trading in the green as appetite grew for risky investments.
All sectoral indices were also trading in the green, with a strong rebound in Nifty Bank and Nifty Financial Services. Nifty Metal and Nifty Realty were the top gainers as both rose over 1 per cent.
The top five gainers on the NSE Nifty 50 were Hero MotoCorp, Hindalco, Tata Steel, JSW Steel and Britannia. On the other hand, the top losers were HDFC Life, Cipla, Coal India, Eicher Motors, Sun Pharma and HDFC.
Benchmark stock market Deven Mehata, research analyst at Choice, said, “The charts indicate that the Nifty may get support at 18,450, followed by 18,400 and 18,350. If the index advances, 18,520 would be the initial key resistance level to watch out for, followed by 18,570 and 18,650.”
He also pointed out that the reason for the positive start on Dalal Street is a strong rebound in the US markets. “
“The view remains positive as we can witness strong momentum in mid-cap and small-cap stocks. The rally on higher side will continue in the markets and the running corrections will be a buying opportunity. The strong support is placed near 18,300 and hence these levels should be a stop loss on closing basis,” he said.
