At 9.16 am, the BSE Sensex was trading 235 points or 0.39% higher at 59,991. Nifty50 was trading at 17,792, up 56 points or 0.31%.
“The near-term market construct is clearly ‘advantage bulls.’ There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6%) in the US, easing recession fears, indications of declining inflation and expectations that the Fed might pause rate hikes in Q1 of 2023,” V K Vijayakumar, Chief Investment Strategist at
In India, even though valuations look high from the short-term perspective, there are favourable factors that can take the market higher, Vijaykumar said.
“The important positive is the decline in US 10-year bond yield to below 4% which will persuade the FPIs to buy rather than sell in the near term. The encouraging Q2 results will provide fodder to the bulls. Nifty is already up by 6% in October and the trend looks set to continue,” he added.
Among Sensex stocks, Reliance,
, , , Bharti Airtel and were the top gainers, rising about 0.5-1%. L&T, , , M&M, and also opened higher.
Sectorally, Nifty PSU Bank surged 1.19% and Nifty Financial Services 0.59%. Nifty Oil & Gas and Nifty Auto also opened higher. In the broader market, Nifty Midcap50 fell 0.07% and Smallcap50 declined 0.03%.
On Thursday, Dow Jones Industrial Average rose 0.61%, while S&P 500 fell 0.61% and Nasdaq Composite dropped 1.63%. In early trade in Asian markets, Japan’s Nikkei 225 plunged 0.48%, China’s Shanghai Composite fell 0.83% and South Korea’s Kospi dropped 0.34%.
The Indian rupee fell 21 paise to 82.29 against the US dollar in early trade. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.20% to the 110.37 level.
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