Benchmark equity indices edge up in early deals on positive global cues; state-owned banking stocks lead gains

Mumbai: Equity benchmarks Sensex and Nifty nudged higher in opening deals on Friday as investors looked beyond domestic factors to focus on positive global sentiment.

The BSE gauge Sensex moved 103.13 points higher to trade at 40,882.72 in opening deals; while the NSE barometer Nifty added 22.50 points to 12,040.90.

On Thursday, the 30-share BSE index ended lower by 70.70 points or 0.17 percent. The index swung between losses and gains after the Reserve Bank of India (RBI) kept the key policy rates unchanged.

The Nifty settled the day with a loss of 24.80 points or 0.21 percent at 12,018.40.

Meanwhile, the rupee opened on a steady note at 71.30 against the US dollar in early trade on Friday.

Forex traders said, the domestic unit was trading in a narrow range as investors are awaiting fresh cues on the US-China trade front.

On Thursday, the RBI unexpectedly kept benchmark interest rate unchanged at 5.15 percent and reverse repo rate at 4.90 percent on concerns of headline inflation breaching its medium-term target.

However, the RBI promised to continue with its accommodative stance in its monetary policy.

Asian stocks were trading higher on Friday as investors hoped US-China trade talks would move in right direction after positive signals from American President Donald Trump.

State-owned banking stocks led gains on Friday, as their main sub-index rose 0.52 percent in early trading, followed by the metals index, which gained 0.47 percent.

Bharti Infratel Ltd rose 1.3 percent and topped the list among stock gainers, while Yes Bank Ltd fell 4.27 percent and was the day’s biggest laggard.