NEW DELHI: Domestic benchmark indices edged higher in the opening trade on Friday after two days of losses, led by gains in index heavyweight Reliance Industries, Infosys and TCS, but disappointing Chinese macro data and rising Covid-19 cases kept the gains in check.Coronavirus is spreading unabated across India. The country’s patient tally has reached almost 24.6 lakh while deaths have crossed 48,000. India is reporting cases at the fastest rate in the world.
At 09.20 am, BSE flagship Sensex up 187 points or 0.49 per cent to 38,497 while NSE benchmark Nifty added 47 points or 0.41 per cent to 11,347. Media, pharma and IT stocks were in demand while select auto names were under pressure.
In the 30-share pack Sensex, Sun Pharma was the biggest gainer, up 1.32 per cent at Rs 527.70. It was followed by L&T, TCS, HDFC, Infosys and Bharti Airtel that gained in the range of 1-2 per cent.
Power Grid was the biggest loser in the pack, down 0.73 per cent to Rs 177.45, followed by HCL Tech, Maruti Suzuki, Bajaj Auto, Axis Bank and Titan that fell in the range of 0-1 per cent.
Broader market indices were trading in-line with their headline peers as Nifty Smallcap added 0.49 per cent while Nifty Midcap advanced 0.48 per cent. Broadest index on NSE, Nifty 500 was up 0.41 per cent.
Nifty Media was the biggest sectoral gainer on NSE, rising nearly 1.04 per cent. It was followed by Nifty Metal and Nifty IT with gains of about 0.6 per cent. On the other hand, Nifty Auto was the only sectoral index trading with a cut, down 0.23 per cent.
Globally, Asian shares fell on Friday after lacklustre Chinese economic data and worries about a delay in US fiscal stimulus discouraged some investors from taking on risk.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.24 per cent, although shares in Japan rose 0.07 per cent.
South Korean stocks fell 1.27 per cent after authorities reported the largest number of new coronavirus cases since March. Chinese shares erased early gains and fell 0.1 per cent as a slower-than-expected rise in industrial production and a surprise fall in retail sales weighed on investor sentiment.
E-mini futures for the S&P 500 rose 0.23 per cent.
Credit: Stocks-Markets-Economic Times