Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 308.52 points to 67,296.96. Meanwhile, the Nifty was also up by 96.1 points to 20,229.25 points, reaching an all-time fresh high.
Among the Sensex firms, Larsen & Toubro, NTPC, Asian Paints, Maruti, Sun Pharma, ITC, IndusInd Bank and State Bank of India were the major gainers. Wipro, HCL Tech, Infosys, Tech Mahindra, Titan and Mahindra & Mahindra were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth Rs 8,147.85 crore on Thursday, according to exchange data.
India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in September quarter on booster shots from government spending and manufacturing. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.
Rupee rises against dollar
The rupee rose by 8 paise to 83.29 against the US dollar in early trade on Friday on the back of massive equity buying by foreign institutional investors and softening crude oil prices.
Positive cues from equity markets amid strong domestic macroeconomic data boosted the overall sentiment. Crude price retreated from the level of USD 84 to USD 80 per barrel as oil-producing countries' grouping OPEC+ announced no new target to reduce production for 2024, said forex traders.
At the interbank foreign exchange, the rupee opened stronger at 83.29 against the dollar and touched the highest level of 83.25. It later traded at 83.29 against the greenback, registering a gain of 8 paise over its previous close.
(With inputs from PTI)