Global cues, GDP data push market higher, auto stocks rise (Ld)

Favourable global cues along with positive domestic macro economic data pushed the Indian equity indices higher during the mid-afternoon trade session on Friday.

Accordingly, Nifty opened at record highs and continued its positive momentum towards 14,300 levels.

Buying interest was visible across sectoral indices.

Amongst sectors, Media, Auto, IT, Realty and Pharma space is outperforming.

At 1.30 p.m., the NSE Nifty50 traded at 14,287.35 points, higher by 150 points, or 1.06 per cent, from its previous close.

Similarly, the S&P BSE Sensex made gains. It traded higher by 467.67 points, or 0.97 per cent, at 48,560.99 points from its previous close.

“The advance decline ratio continues to signal the bullish mood of the market,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Market seems to conclude the week on a bullish note.”

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “Markets opened on a positive note at 14258.40 following the global market cues and made a high of 14296.25.”

“Indian sugar mills are aggressively signing export contracts after New Delhi approved a subsidy for overseas sales and global prices hit their highest level in 3-1/2 years. The result of which can be seen in the price of sugar stocks.”