Markets open with marginal gains; tech, banking stocks shine

The BSE Sensex was trading over 168.65 points or 0.49 percent at 34,831.76 in early trade.

Markets open with marginal gains; tech, banking stocks shine

New Delhi: Markets opened with marginal gains on Friday as a weak rupee buoyed the appeal of technology shares amid a mixed trend overseas.

The BSE Sensex was trading over 168.65 points or 0.49 percent at 34,831.76 in early trade. The broader NSE Nifty too edged up 55.15 points or 0.52 percent at 10,569.00.

Scrip-wise, ITC was the biggest loser in the Sensex pack declining 1.93 percent. Oil and Natural Gas Corp (ONGC) fell 0.84 percent amidst reports that the government may levy a windfall tax on oil producers as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel.

Winners included Infosys, TCS, Tata Steel, NTPC, Yes Bank, Coal India, M&M, HDFC Bank, ICICI Bank, Axis Bank, HDFC and Reliance by rising upto 1.53 percent.

Meanwhile, the rupee climbed 14 paise to 68.20 against the dollar on increased selling of the greenback by exporters and banks amid rising domestic equity market.

Asian shares were slightly weaker on Friday amid fragile market sentiment after US President Donald Trump called off a key summit with North Korea, though investor concerns were softened by expectations the two countries may still continue dialogue.

MSCI`s broadest index of Asia-Pacific shares outside Japan ticked down. South Korea`s Kospi  fell 0.65 percent. Japan`s Nikkei fell 0.3 percent.

On Wall Street, the S&P 500  ended 0.2 percent lower on Thursday, though it clawed back a large part of its earlier loss of 0.95 percent.

With Reuters Inputs

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