Sensex gains over 60 points at open, Nifty above 15,800; RIL down over 1%

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Benchmark equity indices opened higher on Friday tracking positive global cues. The 30-share BSE Sensex traded nearly 70 points, or 0.13%, higher at 52,768 in the early trade. Likewise, the 50-share NSE Nifty index was up 30 points, or 0.19%, at 15,820.

As many as 21 stocks in the Sensex pack were in green with Tata Steel gaining the most 3.28%. It was followed by Maruti Suzuki (up 1.24%), ICICI Bank (up 1.15%) and Axis Bank (up 1%).

On the other hand, Reliance Industries slipped 1.85% after the 44th AGM on Thursday. Hindustan Unilever, IndusInd Bank, Asian Paints and Kotak Mahindra Bank also lost over half a per cent.

Commenting on RIL, Sanjiv Bhasin, Director, IIFL Securities said, “Capex plans of Rs 75,000 crore announced by the company are very ambitious and it has left a little bit of sour taste in the mouth of investors. However, these projects are the need of the hour and it will take a little bit time to digest.”

Among the sectoral indices on the BSE, the Metal index was up 2.30%. Auto, Basic Materials, Realty, Industrials and Telecom were up between 0.80% and 1.20%.

While advising investors, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “During normal times markets would be subject to sharp corrections when valuations are high. Such corrections remove excesses and make markets healthy. Therefore, periodic corrections in a bull market are desirable. But corrections need not happen when they are desirable. Market springs surprises. This resilient bullish trend has surprised even the market gurus. So, investors should remain invested, particularly in quality largecaps which are attracting investment even at high valuations.”