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Benchmark indices have extended the gains and are trading near day’s high led by capital goods and realty shares.
By 10:10, the Sensex was higher by 271 points at 24,645 and the Nifty gained by 73 points at 7,349 levels. The Sensex and the Niofty have hit an intra-day high of 24,692 mark and 7,363 levels, respectively.
Adds Manav Chopra, Technical Research Analyst, Nirmal Bang, “the weekly support for Nifty is at 7200 levels and is unlikely to violate that for this month. We recommend a buy on dips approach for an upside target of 7450 & 7550”.
Asian shares edged up to one-year highs on Friday as investors lapped up signs of improving momentum in the world's biggest economies, with Tokyo's Nikkei poised to score its first weekly gain in over a month thanks to a weaker yen.
Back home, the rupee hit a fresh 11-month high of 58.3650 per dollar on Friday, tracking stronger domestic shares and following gains in Asian markets on improved risk appetite globally.
BSE Realty index has zoomed by nearly 3% followed by counters like Capital Goods, Power, Auto, IT and FMCG, all gaining between 1-2%. However, BSE Consumer Durables index has declined by 0.5%.
The main gainers on the Sensex at this hour include BHEL, NTPC, Bharti Airtel, Sesa Sterlite, M&M, L&T and Tata Power, all gaining between 2-4.5%.
Reliance Communications (RCom) has sored more than 3% in early trades on the buzz that China’s Citic Telecom, listed on the Hong Kong Stock Exchange, is in talks with the Anil Ambani-led company to buy into its undersea cable assets. The stock is quoting at the intra-day high of Rs 143, up Rs 4 or 3.2%, on the BSE.
Among other shares, Deepak Nitrite has surged 10% to Rs 880 on reports that the company is planning to raise funds for expansion and to repay debt.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 1-2%.
The market breadth in BSE remains healthy with 1,644 shares advancing and 403 shares declining.
