FIRST TRADE: Sensex gains 300 pts, Nifty hovers around 18,750; Kalyan Jewellers jumps 10%

Stock market today: The domestic equity market opened on a strong note on Friday amid positive global cues. In the opening deals, the S&P BSE Sensex was trading at 63,096.48 levels, up 179 points, or 0.28 per cent while the NSE's Nifty was ruling at 18,742.70, up 55 points, or 0.29 per cent. However, the indices extended their gains later, and the Sensex was trading around 300 points higher. 

Reliance Industries (RIL), ICICI Bank, ITC, and the HDFC duo were the top contributors to the Sensex's gain. 

"Markets are likely to open on a strong note in view of positive global cues and hopes that the Federal Reserve will be less hawkish. Also, FIIs turned net buyers to the tune of Rs 3,086 crore in yesterday’s trade, which may aid sentiment. However, negative catalysts like Skymet Weather predicting a bleak monsoon in India over the next month, coupled with China continuing to struggle on key retail sales and industrial production fronts, could push investors into caution mode and fuel selling going ahead. For Nifty, the make-or-break support is seen at the 18,553 mark, while any upward march is possible only once the index breaches its all-time high mark of 18,888," said Prashanth Tapse, Senior VP (Research), Mehta Equities, in a pre-opening note.

Gainers & Losers

In the Sensex pack, Ultratech Cement (up 1 per cent) was the top gainer, followed by ICICI Bank, and SBI. On the other hand, TCS was the biggest loser.

Broader market indices

The S&P BSE MidCap index traded 0.58 per cent higher at 28,293.87 levels while the S&P BSE SmallCap index was trading 0.70 per cent higher at 32,272.77 points.

Buzzing stocks

Kalyan Jewellers jumped over 10 per cent to hit a high of Rs 127.75 on the BSE after block deals in the pre-open trade. ITC hit a fresh 52-week high of Rs 452.70 on the BSE. Wipro was trading over half a per cent lower at Rs 386.70 on the BSE. The stock turns ex-date today for the share buyback.