Stock market live: India’s frontline indices Sensex and Nifty 50 started trading higher on Friday, with Nifty opening below 22,000 and Sensex around 72,500. Sensex rose 71.28 points (0.10%) to 72,475.40 and Nifty rose 33.50 points (0.15%) to 21,991.00.
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Gift Nifty was trading at a premium of 42.50 points (0.19%) to 22,131.50 at the opening bell.
Despite gains in frontline indexes, the overall market is trading at a discount. Nifty Midcap 100 fell 41.00 points or 0.08 per cent to 49,071.80, while Small Cap 100 rose 62.05 points or 0.48 per cent to 15,918.90.
The Indian rupee opened 1 paisa higher at 83.47 against the US dollar compared to Thursday’s closing price of 83.50. The Indian currency is trading in a narrow range against the US dollar, with support from strong domestic stocks offset by soaring oil prices. According to a PTI report citing foreign exchange traders, the strengthening of the US dollar in overseas markets and large outflows of foreign funds have soured investor sentiment.
Oil prices rose on Friday on signs of improving China’s economy. Prices had edged up to a one-week high in the previous session, following data on an increase in China’s crude oil imports in April.
Brent futures rose 37 cents, or 0.4%, to $84.24 a barrel, and U.S. West Texas Intermediate crude oil rose 41 cents, or 0.5%, to $79.64.
On Wall Street this week, weaker-than-expected job growth in April brightened investor sentiment.
– Information provided by agency
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