The domestic equity barometers edged higher in early trade amid some decent buying in index pivotals. The Nifty hovered near the 18,250 level. Shares across sectors advanced with PSU banks, metals and IT stocks rising the most.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 175.89 points or 0.29% to 61,309.77. The Nifty 50 index added 51.30 points or 0.28% to 18,242.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.11%.
The market breadth was strong. On the BSE, 2121 shares rose, and 472 shares fell. A total of 100 shares were unchanged.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.62%. Reliance Consumer Products (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL) will acquire 51% controlling stake in Lotus Chocolate Company, for Rs 74 crore, and make an open offer to acquire upto 26%. RRVL is a subsidiary of RIL.
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Separately, RIL informed that Reliance Jio announced the launch of its True 5G services in Indore and Bhopal. With the launch, Reliance Jio has become the first and the only operator in MP to launch 5G services in the city of Indore and Bhopal. Reliance Jio Infocomm is a subsidiary of RIL.
Eicher Motors shed 0.95%. The company's board of directors has approved an investment of 50 million euros that translates to a close to 10.35% equity stake in Stark Future S.L. (Stark Future). Stark Future is a European electric motorcycle manufacturer.
Supreme Petrochem added 1.86%. The company has completed EPS production facility revamp programme/ commissioning trials at its plant situated at Manali New Town, Chennai, Tamil Nadu, on 28 December 2022.
Global Markets:
Asian stocks advanced across the board on Friday after Wall Street rebounded overnight, recovering most losses from the previous session.
Global stock markets are rounding off a tumultuous and difficult year, as governments and central banks grappled with sky-high inflation arising from the fallout from Russia's war in Ukraine, and persistent Covid-19 restrictions in China.
The boost offered on Tuesday by China's relaxation of the last of the zero-Covid measures, which it has held in place for almost three years, proved fleeting as caution returned throughout the week.
Investors remain wary of the prospect of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth.
Wall Street's main indices closed higher on Thursday, led by growth stocks in light trading, as US unemployment data signaled the Federal Reserve's interest rate hikes might be starting to dent labor market strength in its bid to fight inflation.
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