Opening Bell: Nifty above 17, 300, Sensex gains more than 250 points; metal, banking stocks shine

The Indian markets extended gains for the second day as it opened in line with the trends on the SGX Nifty, which hinted at a positive opening for the domestic market. Benchmarks Nifty 50 and the Sensex gained nearly half per cent as the former opened above 17, 300 and the latter gained around 300 points.  

Among stocks, Reliance Industries extended gains to a fourth session, rising 1.3% to scale a record high of 2,856.15 rupees, while Wipro rose 1.1% and Maruti Suzuki India gained 0.7% ahead of their March-quarter results.

In the pre-open, the Sensex jumped nearly 300 points or half per cent as 25 shares advanced, three declined and two remained neutral on the 30-share Sensex. 

"Nifty closed higher at 17,245 on Thursday forming a ‘Spinning Top’ signalling a lack of clarity among the participants, while VIX ended at ~19-level. The Index is consolidating in a narrow band of 17,300-17,000 and a directional breakout can provide clear signal for next move," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

He said the 16,800-level remains a critical support on the downside, while 17,300 is the near-term resistance. "Time-wise, the Index is not attempting a faster retracement of the fall and lack of intent to attempt such a retracement might result in a breakdown in price action," he added. 

Earlier, Asian markets were trading mixed in the early trade on Friday as Japanese Nikkei 225 rose 1.75%, Hang Seng Index at the Hong Kong Exchange dropped 0.3%, while Chinese Shanghai Composite gained 0.4% at 8 am on Friday. SGX Nifty Futures rose by 80 points on the Singaporean exchange around the same time.