Opening Bell: Markets open higher; Sensex surges 400 points, Nifty50 above 17000-level – financials and metals lead the surge

The Indian markets continued its gaining streak and started Friday’s session on a higher note, with the Nifty opening above 17,000 for the first time since early May, while Sensex up 400 points.

At the market open, the BSE Sensex up over 400 points or 0.7 per cent to 57,258.1, while the Nifty up almost 150 points or 0.89 per cent to 17079.5. Similarly, broader markets followed the benchmark suit as both Nifty Mid and Smallcap each up by 0.85 and 0.77 per cent, respectively at open.

As many as 46 stocks advanced and 4 declined on Nifty50 in the early morning trade. Extending its winning streak, Tata Steel shares become a top Nifty gainer at open up over 2.5 per cent, followed by Bajaj Finserv up nearly 2.5 per cent at the market open.

Tech Mahindra, HDFC Bank, Bajaj Finance were among the top gainers as each surged between 1-2 per cent at the market open.

On the contrary, Dr Reddy’s slipped over 4 per cent amid weak year-on-year earnings reported on Thursday, followed by Cipla, which is scheduled to post its Q1 results today, dipped by over 1 per cent. Sun Pharma and Divis Lab down marginally around 0.5 per cent in the early morning trade.

Sectorally, almost indices are in the green aiding the markets to surge, expect the pharma and PSU bank indices. Pharma down nearly 1 per cent, as most of its major constituents are in the red, while PSU down meagerly by 0.1 per cent.

The Financial, IT and Metal indices continued its gaining streak, and was joined buy Auto after yesterday’s fall, each of these indices up between 1-2 per cent minutes after the open.