Sensex, Nifty Open Higher on Easing Global Banking Concerns

Among the Sensex stocks, 24 advanced and 6 were in the red.


Domestic equity markets opened on a strong note on Friday, with the benchmark Sensex surging over 350 points, tracking positive global cues and concerns over the fallout from banking sector woes in the US and Europe.

The 30-share BSE Sensex rose 352.26 points, or 0.61 percent, to 57,987.10, while the broader NSE Nifty gained 124 points, or 0.73 percent, to 17,109.60.

Among the Sensex stocks, 24 advanced and 6 were in the red. In the Nifty package, 39 scrips rose and 11 scrips fell.

Both indexes closed in positive territory on Thursday, snapping a five-day losing streak.

European and US stocks closed significantly higher on Thursday.

Deepak Jasani, head of retail securities at HDFC, said the multibillion-dollar bailouts for US and European banks on Friday boosted investor confidence and bolstered sentiment for battered stocks, although concerns are now over whether the global financial crisis could be fully averted. .

Asian markets extended their risk rally on Friday in a wild week that saw the US banking crisis lower bond yields, while market participants sharply lowered expectations of future interest rate hikes in advanced economies, Jasani said.

In the sixth straight trading session on Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic stocks as they offloaded shares worth Rs 282.06 crore, BSE data showed.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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