Sensex shrugs off weak global cues to hit 60,000

• Sensex gained 250 points to hit 60,000 in early trade while Nifty50 went up 56 points to 17,794.
• Heavyweight stocks like Reliance Industries, HDFC, IT stocks and Bajaj twins were trading in a positive range, boosting the Nifty50.
• Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remain wary of Fed’s monetary policy decisions amid mixed economic data.

Indian benchmark indices opened in the green on Friday shrugging off negative cues from Asian and the US markets as corporate earnings and expectations of smaller rate hikes improved investor sentiments.

The Sensex gained 250 points to hit 60,000 in early trade while the Nifty50 went up 56 points to 17,794.

“Sentiments have improved in the domestic markets and even globally they seem to be improving temporarily. Greater consensus is building up that rate hikes going forward will be smaller than what they have been so far. While fear of recession is there but it is now reducing,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

“Equity markets may do well for the next 1-2 weeks. While Q2 earnings have not been great, FPIs have come back into buy mode over the last few days which is helping Indian markets stabilise,” said Jasani.

Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remained wary of the US Fed’s monetary policy decisions amid mixed economic data.

Also, the European Central Bank on Thursday raised interest rates by 75 basis points to the highest level since 2009 to fight a historic surge in inflation.

Despite negative cues from global markets, Indian markets continued to rise. Heavyweight stocks like Reliance Industries, HDFC twins, IT stocks and Bajaj Auto were trading in a positive range, pushing up the Nifty50.

Shares of Maruti Suzuki India rose over 1% in early trade ahead of its July-September quarter earnings today.

Among sectoral indices, auto, energy and FMCG were trading in the green.

Vedanta, Dr Reddy’s Laboratories, Tata Power, JSW Energy, Bandhan Bank, Blue Dart Express, Sona BLW and Eveready Industries are among companies set to release July-September quarter results today.

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