Some of the top gainers in morning trade were IndusInd Bank, Infosys, BPCL, IOC, Hindalco, TCS and Tech Mahindra. (Photo: Reuters)
Markets opened positive on Friday in line with Asian markets which were trading higher, but fears of rising cases globally and in India could trigger some nervousness among investors.
At around 9:20 am, BSE Sensex was trading over 35,000 points while NSE Nifty rose 0.72 per cent to 10,358.15. At around 10 am, Sensex continued to trade higher by over 300 points, buoyed by a strong performance by financial and oil stocks.
Some of the top gainers in morning trade were IndusInd Bank, Infosys, BPCL, IOC, Hindalco, TCS and Tech Mahindra. Shares of Indian Overseas Bank (IOB) soared almost 10 per cent after the lender reported a profit in the March quarter.
On the other hand, some of the top losers were Kotak Mahindra Bank, Hindustan Unilever, HDFC, Maruti Suzuki India, Sun Pharma and Bajaj Finance.
IRCTC shares also dipped almost 4 per cent in morning trade and then recovered by 2 per cent after the Indian Railways cancelled all tickets for regular trains from July 1 to August 12.
All Nifty sectoral indices were trading in green with IT and PSU banks leading the rally. There has been a sharp decline in the volatility gauge as well.
Despite the positive start, there are a couple of factors that could become a worry for investors. Border tension between India and China is one thing investors will have on their mind; the rising number of coronavirus cases in India is another concern they are closely tracking.
India on Friday recorded nearly 17,300 coronavirus cases and 407 deaths. The country has so far recorded 4,90,401 coronavirus cases, of which 1,89,463 are active cases and over 15,300 deaths.
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