Sensex, Nifty inch higher in opening session

Equity benchmark Sensex and Nifty opened on a positive note on Friday amid a positive trend in global markets and sustained foreign fund inflow.

The 30-share BSE index was trading 65.90 points or 0.13 per cent higher at 52,764.90 in initial deals. Similarly, the broader NSE Nifty advanced 32 points or 0.20 per cent to 15,822.45.

Tata Steel was the top gainer in the Sensex pack, rising over 3 per cent, followed by Maruti, HCL Tech, ICICI Bank, Maruti, Axis Bank and SBI.

On the other hand, Reliance Industries, HUL, Asian Paints, Kotak Bank and Nestle India were among the laggards.

In the previous session, the 30-share index Sensex ended 392.92 points or 0.75 per cent higher at 52,699. Similarly, the broader NSE Nifty surged 103.50 points or 0.66 per cent to 15,790.45.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,890.94 crore on Thursday, as per provisional exchange data.

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According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be muted as of now.

"While Indian equities remained buoyant led by improved prospects of economic recovery in the backdrop of sharp contraction in daily caseload and ramp-up in vaccination programme, a sharp rise in crude price with Brent surpassing USD 75/barrel and recent weakness in INR have emerged as key overhangs for the market,” he noted.

On the global front, he said, US equities recovered sharply after President Joe Biden announced that he has reached a deal with a bipartisan group of lawmakers on an infrastructure plan.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.22 per cent higher at $75.73 per barrel.