Indian equity benchmark indices opened higher on Friday with Nifty above 16,300 tracking upbeat global cues.

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However, dented prospects of economic growth amid soaring inflation will continue to keep investors on the edge. Moody’s on Thursday lowered the calendar-year 2022 growth forecast for India to 8.8 percent from its March forecast of 9.1 percent while maintaining country’s 2023 growth forecasts at 5.4 percent.

At 09:16 am, the 30-scrip Sensex was up 442.07 points or 0.81 percent at 54,694.60, and the broader Nifty was up 138.30 points or 0.86 percent at 16,308.50.

About 1,409 shares have advanced, 336 shares declined, and 66 shares are unchanged.

IndusInd Bank, Infosys, M&M, Bajaj Twins, Tech M, HCL Tech, Maruti, Bharti Airtel, Wipro, ITC and Tata Steel were the major gainers on the Sensex-30 pack while Apollo Hospitals, Hindalco, and Tata Motors were the additional toppers on the Nifty.

ONGC, Asian Paints, NTPC, PowerGrid, Britannia, Sun Pharma, and Dr Reddy's, down up to 4 percent, were the top laggards on the two benchmarks.

In the broader markets, the BSE MidCap and SmallCap indices also started firmly positive, rising up to 1.2 percent.

Amid the sectoral indices, Nifty IT surged over 2 percent, following a sharp rally in Nasdaq overnight. Nifty Banks, Financials, Auto, Media, Metals and PSBs were also trading in the green.

JSW Steel, FSN E-Commerce Ventures (Nykaa), Jubilant Pharma, GAIL, Glenmark Pharma, Godrej Industries, PB Fintech (Policy Bazaar) will be in focus ahead of their Q4 results today.

Investors will also react to Q4 results of Hindalco, whose consolidated net profit doubled year-on-year (YoY) to Rs 3,851 crore for the quarter ending March 31 — the highest number for any quarter.

The country's second largest manufacturer of non-urea fertilisers and DAP (diammonium phosphate) Paradeep Phosphates will make its debut on the bourses today. Its issue price is fixed at Rs 42. (Read Here

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Global Markets

Major markets in Asia were seen trading with smart gains. Hang Seng in particular soared 2.7 per cent. Nikkei, Kospi and Taiwan were up around a per cent each.

Overnight, the US markets rallied sharply on optimistic retail earnings outlook. Dow Jones surged 1.6 percent, the S&P 500 soared 2 percent and Nasdaq jumped 2.7 percent.

Catch all the live updates with CNBC-TV18's market blog

First Published:May 27, 2022 9:51 AM IST