Nifty and Sensex set to extend the upbeat momentum on Friday

• India’s Nifty and Sensex eye a positive open, extending its recovery into Friday. 
• Nifty and Sensex rose on Thursday amid global market optimism, encouraging Indian trade data.
• All eyes are on the US PPI and Consumer Sentiment data for Friday’s moves in Nifty and Sensex.

The Sensex 30 and Nifty 50, India’s key benchmark indices, are set to open on a firmer footing on Friday, having ended Thursday in the green. The Indian indices are expected to track the positive close on Wall Street and European stocks. The advance in their Asian counterparts could also lend support.

Gift Nifty, formerly known as SGX Nifty, is down 0.08% early Friday. But Nifty and Sensex are likely to shrug off the negative cues from the lead indicator.

The National Stock Exchange (NSE) Nifty 50 index finished 0.40% higher on the day at 21,927 while the Bombay Stock Exchange (BSE) Sensex 30 also gained 0.40% on Thursday to settle at 72,091.61. The focus now remains on the upcoming US economic data, including the top-tier Retail Sales report. 

Stock market news

• Nifty and Sensex drew support from the impressive gains in the automobile and utility sector stocks.
• Additionally, India’s trade data for January showed a shrinking Trade Deficit to $17.49 billion, which added to the market optimism.
• Mahindra & Mahindra, Power Grid, BPCL, ONGC and NTPC are the top gainers in the Nifty 50 so far. While Axis Bank, Brittania, Hindustan Unilever, ITC and Apollo Hospitals emerged as the key losers, capping the gains in Nifty.
• Mahindra & Mahindra stocks touched its all-time highs in Thursday’s session.
• Automaker Hero Motocorp is in the news for the launch of the brand’s premium motorbike Mavrick 440.
• Aluminium producer Hindalco’s net profit rose 71.1% increased to Rs 2,331 crores but missed analysts’ estimates.
• The Indian Supreme Court strikes down electoral bonds, terming them as “unconstitutional”. The court further stopped SBI from issuing fresh bonds for political funding.
•  The US stock markets closed higher on Wednesday, as investors weighed whether the Federal Reserve (Fed) can bring down inflation without de-railing the economy. Dow Jones, NASDAQ Composite, and the S&P 500 indices gained up to 1%.
• On Wednesday, the Indian WPI inflation dropped to 0.27% in January, as against a 0.73% increase in December. The data missed the market consensus of 0.53%.
• The Lunar New Year holidays in China could keep the liquidity thin around the Indian indices.
• All eyes now turn toward the top-tier US Producer Price Index (PPI) and Consumer Sentiment data for trading impetus in Nifty and Sensex indices.
• US Retail Sales declined by 0.8% in January, the US Census Bureau reported on Thursday, worse than the market expectations for -0.1%.