Equity benchmark indices opened on a strong note on Friday, a day after a decisive win by the ruling NDA in the Lok Sabha elections. HDFC twins, L&T, ICICI Bank and Infosys among top gainers on the Sensex, while losers include ONGC, Bajaj Auto, HUL, and Maruti.
The Sensex was quoting at 38,989, up 177 points, while the Nifty was at 11,711, up 54 points. The market breadth was positive on the NSE with 1,020 shares advancing, 485 shares declining, and 557 remaining unchanged.
The domestic currency opened higher at 69.75/$ on Friday vs. Thursday's close of 70.01 against the US dollar.
Shares of General Insurance Corporation of India rose 1% on the NSE. The company posted a 20% decline in its net profit at Rs603.37cr for the March quarter due to higher provisioning related to tax and exposure towards IL&FS.
Gruh Finance fell 5% in the early morning trade after 2% equity changed hands in a block deal.
Meanwhile, oil price stabilized amid OPEC supply cuts and tensions in the Middle East. Brent crude futures were at $68.05 per barrel up 0.4% from their last close.
The Volatility gauge, India VIX is down 8.97% at 17.66.
The most active stocks on the NSE are SBI, Reliance Industries, and IndusInd Bank.
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