Opening Bell – Markets open in red; HDFC Bank down by 1.09%
At 9:15 AM, the BSE Sensex opened lower by 14 points at 29633, while the Nifty50 opened lower by 14 points at the 9160 mark.
HCL Tech is the top Nifty gainer and HDFC Bank is the top Nifty loser in the morning hours on Friday. HCL Tech is trading higher by 1.28% at Rs 887 per share whereas HDFC Bank is trading lower by 1.09% at Rs 1450.15 per share.
The level of 9,185 may act as an immediate resistance for Nifty50 and if it holds above 9,185, it may scale up to levels of 9,220 and 9,280. On the flipside, supports are seen around levels of 9,125-9,135.
The rupee opened flat at 64.92 per USD.
The US stocks closed higher on Thursday after a slightly better-than-expected fourth-quarter GDP data. The Dow Jones Industrial Average finished 69 points up at 20,278. The S&P 500 index closed higher by 7 points at 2,368. The Nasdaq Composite Index climbed 17 points to close at a record 5,914.
Meanwhile, crude oil prices surged for a third straight session on Thursday, with crude trading above $50 a barrel on expectations that the Organisation of Petroleum Exporting Countries (OPEC) would extend production cuts beyond June.
Most of the Asian markets are trading in positive territory on Friday. Japan’s Nikkei 225 rose 118 points. Hang Seng is trading lower by 136 points and Shanghai Composite has gained 5 points as China’s factory output climbed to the highest level in almost five years.