Indian equity benchmarks opened higher on Friday after falling for the second consecutive day on Thursday. While the real estate and PSU banking sectors advanced, I.T. and oil and gas shares declined. ITC and ICICI Bank led the positive change, while Infosys and Reliance Industries dragged.
Asian markets advanced on Friday, led by gains in Hong Kong-listed technology companies, as traders looked to the Federal Reserve to pause interest rate hikes in June.
Shares also climbed in Japan, Australia, and mainland China, while U.S. futures ticked up following rallies for the S&P 500 and the Nasdaq 100 on Thursday. A renewed surge in tech giants fueled the moves on Wall Street ahead of job data that's projected to show a slowdown.
Hong Kong's Hang Seng index rose more than 3%, pulling the benchmark back from the brink of a bear market following concerns about Chinese growth. South Korea's Kospi index was headed for bull market territory following a gain of around 20% from a recent low in September.
Traders geared up for the monthly U.S. jobs report on Friday, with forecasters projecting a moderation in the pace of hiring that could potentially allow the Fed to pause its tightening policy in June—a possibility hinted at by several Fed officials this week.
As of 12:30 p.m., the S&P BSE Sensex Index was up 105 points, or 0.17%, at 62,534.30, while the NSE Nifty 50 Index was up 41 points, or 0.22%, at 18,528.20.
Infosys Ltd., Reliance Industries Ltd., TCS Ltd., HDFC Ltd., and Bajaj Finance Ltd. were negatively adding to the change in the Nifty 50 Index.
ITC Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., and Hindalco Industries Ltd. were positively contributing to the change.
The broader markets were trading higher; the S&P BSE MidCap Index was up 0.44%, whereas the S&P BSE SmallCap Index was higher by 0.69%.
Thirteen out of the 19 sectors compiled by BSE advanced, while six sectors declined, with S&P BSE Oil and Gas falling the most.
The market breadth was skewed in favour of the buyers. About 2,182 stocks rose, 1,200 declined, and 156 remained unchanged on the BSE.
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