The domestic stock markets started the last trading session of the week on a firm footing. The 30-share BSE Sensex index inched over 100 points higher in early trade, while the broader NSE Nifty 50 benchmark was trading above the 22,500 mark.
Most of the sectoral indices such as automobiles, financial services, fast moving consumer goods, energy, metals, real estate and services moved higher in the morning session. The gains were led by the metal stocks. However, information technology, public sector banking and pharmaceutical counters faced some selling pressure.
The volatility in the market continued as seen from the India VIX index, commonly known as the fear gauge, holding above the 23 level. Investors remain cautious ahead of the release of economic growth and inflation data from major economies.
In the currency market, the rupee opened marginally higher against the US dollar after depreciating in the previous session. The focus now shifts to key consumer inflation numbers from the US due later in the day.
Meanwhile, Asian shares traded mixed as participants looked ahead to the macroeconomic updates from Europe and America. A downward revision in US GDP growth for the January-March quarter weighed on yields and the dollar overnight.
Overall, the market trajectory will hinge on how the global cues shaping up in light of crucial economic printouts. Traders also kept an eye on election exit polls from India while positioning their bets.
