Indian shares opened higher on Friday, after two days of losses, tracking overnight gains in the US market and positive Asian shares. As of 9:20 am, the BSE Sensex gained 498.11 points or 1.58% to trade at 31,941.49 while the Nifty50 index traded 150.25 points or 1.63% higher at 9,347.85. Gains in the market were led by banking, metal and auto stocks.
According to reports, the government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy.
Among Nifty stocks, Dr Reddy's Lab was the top gainer, up 4.2% followed by HUL, IndusInd Bank and Axis Bank, which gained between 2.46%-4%. Reliance Industries shares rose over 2.5% to trade at Rs 1,545.90 after the company announced that US-based private equity firm Vista Equity Partners will pump Rs 11,367 crore into Jio Platforms for a 2.32% stake. This is the third deal announced by RIL in the last three weeks after social media giant Facebook and Silver Lake’s share acquisition proposal. Tata Motors, Axis Bank, Kotak Mahindra Bank, ICICI Bank, Tata Steel, Wicher Motors were the other prominent gainers in the Nifty, rising over 2% each.
Meanwhile, Asian Paints was the top loser in the Nifty, down 0.90% followed by Bharti Infratel, Power Grid Corp and HCL Tech.
On Thursday, the Sensex closed 242.37 points or 0.76% lower at 31,443.38 while the Nifty settled 71.85 points or 0.78% lower at 9,199.05.
Elsewhere, other Asian shares were mostly positive. Japan's Nikkei was up 1.88%, China's Shanghai Composite rose 0.91%, Taiwan Composite advanced 0.72% while Hong Kong's Hang Seng traded 0.85% higher. Overnight US equity indices closed higher on positive corporate earnings. The Dow Jones index closed 0.89% higher, S&P 500 settled with 1.15% gains while Nasdaq gained 1.41%.
Brent Crude was up 1.43% to trade at $29.88 per barrel while the WTI crude was higher by 1.70% to trade at $23.94.