Opening Bell: Nifty near 16000, Sensex up nearly 500 points; Auto, metal stock

Tracking Asian peers, the Indian market opened on a positive note in the last trading session of the week on Friday, although retail inflation rose to an 8-year high of 7.79% in April. The benchmark Nifty rose 50% and the Sensex 1% in early trade as the former started near the 16,000-mark, while the latter gained more than 500 points. The headline indices opened at 15,977.00 and 53,565.74, respectively, on Friday.

In broader markets, the Nifty surpassed midcap and small cap benchmarks as they rose more than 2% in early trade.

All sectors were green, but strong buying was seen in auto, metal, PSU bank and realty stocks.

In the pre-open, the Sensex opened about 600 points or 1% higher, as all other stocks in the 30-share index rose, except for Dr. Reddy’s.

Earlier, the SGX Nifty also signaled a positive opening for the Indian market as the futures index on the Singapore exchange rose nearly 200 points just minutes before the Indian market opened.

Meanwhile, Asian markets rallied early on Friday as the Japanese Nikkei 225 rose more than 2%, the Hang Seng Index rose more than 1.5% on the Hong Kong Exchange and the Shanghai Composite rose more than half a percent.

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