Indices surge in opening deals on global cues, Sensex up over 300 pts
Mumbai, May 27, 2022
Domestic equity benchmark indices extended their gains from the previous session and traded in the green during trade on Friday amid firm global cues.
Indian markets opened higher in line with Asian markets and sharply positive overnight US markets.
At 9.58 a.m., the BSE Sensex was at 54,615.81 points, up 363.28 points or 0.67 per cent, whereas the NSE Nifty at 16,293.55 points, was up 123.40 points or 0.76 per cent.
Bajaj Finance, Bajaj Finserv, HDFC Life, HCL Technologies and Indusind Bank shares were the top five gainers among the Nifty 50 companies.
"Market data indicate that the weakness in the US market is coming to an end. The Fed minutes suggest pausing by year end after front-loading rate hikes," said V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Also, there were indications of the US economy slowing down which will enable the US Fed to be less hawkish than the market discounted, he said.
In the current situation, high quality large-caps can stage a rally, besides leading banks are the safe bets.