Sensex trades higher on positive global cues

Mumbai, July 2: Indian equity indices opened in the green on Friday following positive global cues.

At 9.43 a.m., Sensex was up 329 points or 0.41 per cent, at 80,373 and Nifty was up 118 points or 0.48 per cent, at 24,524.

Buying is seen in the broader markets. Nifty midcap 100 index is up 711 points or 1.25 per cent, at 57,453. Nifty smallcap 100 index is up 74 points or 0.40 per cent, at 18,747.

Among the sectoral indices, Metal, IT, PSU Bank, Pharma, Metal, Realty, Energy, and Infra are the major gainers. FMCG and private bank indices are trading under pressure.

In the Sensex pack, Bharti Airtel, JSW Steel, Wipro, Tata Steel, Infosys, HCL Tech, Bajaj Finance, TCS, Asian Paints, and M&M are major gainers. Tech Mahindra, HDFC Bank, Nestle, and HUL are major laggards.

Most of the Asian markets, including in Tokyo, Hong Kong, Bangkok, Seoul and Jakarta, are trading in the green. Only Shanghai markets are trading in the red.

Crude oil benchmark Brent crude is trading at $82.54 per barrel and WTI crude at $78.43 per barrel.

According to market experts, "The unique feature of the ongoing bull market in India is its ability to climb all walls of worry.

The market dismissed all concerns relating to elections, the Budget and correction in the mother market US. The buy-on-dips strategy which has played out well in this rally continues to hold good."

The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 2,605 crore on July 25, while domestic institutional investors extended their buying as they bought equities worth Rs 2,431 crore on the same day.