Indian shares extended Friday’s opening gains, tracking broader Asian markets as sentiment approved after White House economic adviser Larry Kudlow said that the US and China are “getting close” to reach a partial trade deal. Investor sentiment further improved as optimism for an interest rate cut by the Reserve Bank of India grew as Wholesale Price Index (WPI) inflation eased to 0.16 percent in October from 0.33 percent in September.
The BSE Sensex surged almost 138 points, or 0.34 percent, to 40,424 in initial trade. The NSE Nifty50 also gained more than 36 points, or 0.31 percent, to trade at 11,908.
Among broader market indices, the Nifty MidCap 100 index advanced 0.46 percent, while the banking gauge, Nifty Bank surged half a percent. Among sectors, bank, IT, finance, pharma, FMCG and auto were notable gainers, while realty and telecom declined.
Among stocks, Tata Motors, Bharti Infratel, SBI, ONGC and GAIL shares jumped by up to 3.2 percent. Indian Oil Corp, Cipla, Bharat Petroleum, Grasim and Nestle India declined by up to 2.3 percent.
Shares of Vodafone Idea plunged 10 percent as the telco posted a Rs 50,921 crore loss for the quarter in the highest ever quarterly loss posted by any Indian company in recent memory. The losses included a provision of Rs 25,680 crore over government dues.
Oil and Natural Gas Corp shares rose almost 2 percent after the company posted a standalone profit of Rs 6,263.13 crore for the quarter that ended on September 30. The company had posted a profit of Rs 8,264.61 crore for the corresponding quarter of the last financial year.
Vedanta shares gained over a percent as the mining major posted a 60.6 percent rise in consolidated profit to Rs 2,158 crore for the quarter ended September 30.
In the currency markets, the Indian rupee opened higher by 18 paise at 71.79 per dollar against Thursday's close of 71.97.
Meanwhile, foreign institutional investors sold 562 crores in the cash market on Thursday, while domestic institutional investors bought 83 crores.
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