Sensex Opens 400 Points Higher; Oil & Gas And Banking Stocks Lead

Asian stock markets are trading on a mixed note today as investors tempered fears about inflation and the prospects of an early tapering of stimulus by the Federal Reserve.

The Hang Seng is trading down by 0.2% while the Nikkei is trading up by 0.5%. The Shanghai Composite is trading down by 0.4%.

In US stock markets, Wall Street indices rebounded on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted sentiment.

The Dow Jones Industrial Average rose 0.7%, while the Nasdaq Composite closed up 1.5%.

Early Thursday, the Labor Department reported initial jobless claims fell to 444,000 in the week ended May 15. That was lower than the prior week's 478,000 claims and economists' forecasts for 460,000 new filings.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 410 points. Meanwhile, the NSE Nifty is trading higher by 114 points.

IndusInd Bank is among the top gainers today. Power Grid, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.6% and 0.5%, respectively.

All sectoral indices are trading in green with stocks in the banking sector and oil & gas sector witnessing most of the buying interest.

Shares of TCI Express and TCNS Clothing hit their 52-week highs today.

The rupee is trading at 73.03 against the US$.

Gold prices are trading down by 0.3% at Rs 48,408 per 10 grams. Meanwhile, silver prices are trading down by 0.8% at Rs 71,779 per kg.

Gold eased today as optimism around a swift economic recovery lifted appeal for riskier assets, although a weaker dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly rise.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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