New Delhi: Benchmark equity indices Sensex and Nifty opened higher on Friday, supported by buying in IT stocks and firm trends in US markets, while oil marketing companies came under pressure after petrol and diesel prices were raised by Rs 3 per litre each, the first such increase in more than four years.
The 30-share BSE Sensex rose 451.46 points, or 0.60 percent, to 75,850.18 in morning trade, while the 50-share NSE Nifty gained 143.25 points, or 0.60 percent, to 23,832.85.
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Among the major gainers from the Sensex pack were Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Kotak Mahindra Bank, HDFC Bank, PowerGrid, Bharti Airtel, Titan, Bajaj Finance and Maruti Suzuki India.
On the other hand, Reliance Industries, State Bank of India, Eternal, Bharat Electronics Ltd, UltraTech Cement, Mahindra & Mahindra, Trent and Asian Paints were among the laggards.
Shares of oil marketing companies dropped over 2 per cent after the government raised petrol and diesel prices by Rs 3 per litre each on Friday amid mounting losses for fuel retailers due to surging global crude prices.
"The decision to increase the price of petrol and diesel by Rs 3 per litre and CNG by Rs 2 per kg indicate that the government is playing it safe through small increases, perhaps stage by stage, without triggering a sharp spike in cost-push inflation. This is a welcome step," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
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Brent crude, the global oil benchmark, rose more than 1 per cent to USD 107.01 per barrel.
In Asian markets, South Korea's KOSPI benchmark, Japan's Nikkei 225 and Hong Kong's Hang Seng traded lower, while Shanghai's SSE Composite index was in the green.
US markets ended nearly 1 per cent higher in overnight trade on Thursday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 187.46 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 684.33 crore, according to exchange data.
On Thursday, the 30-share BSE Sensex jumped 789.74 points to close at 75,398.72. Extending gains for a second straight session, the 50-share NSE Nifty climbed 277 points to finish at 23,689.60.
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