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BSE Sensex up over 0.5% on value buying, strong domestic data

Sensex had closed the previous session 200 points below the red line.

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The BSE Sensex opened in the green on Friday after closing the previous trading session 200 points below the red line. The 30-share benchmark index was up 0.5% or 132.52 points higher at 1045 hours as investors decided to cash in on lower prices after Thursday's volatile session. 
 
Apart from that, low current account deficit and a narrow trade gap also buoyed sentiment in the market today. 
 
Soon after open, Sensex was up 0.64%, trading higher by over 200 points. 

Trading sentiment got a boost after India's current account deficit (CAD) for the full fiscal 2015-16 narrowed to $22.1 billion, or 1.1% of GDP, as against $26.8 billion, or 1.3% of GDP, in 2014-15 on the back of contraction in the trade deficit.

Also, CAD narrowed sharply to $0.3 billion, or 0.1% of GDP, in the fourth quarter of 2015-16 from $7.1 billion, or 1.3%, in third quarter, on account of ower trade gap. 

The country's trade deficit for the entire fiscal narrowed to $130.1 billion from $144.9 billion in 2014-15.

Domestic equities were also taking cues from Asian markets that opened above the red line on the back of a stronger holding on the Wall Street. Wall Street  marked gains overnight, with the benchmark S&P 500 index erasing sharp intra-day losses to snap a five-day losing streak, a Reuters report said. 
 
However, going ahead, the fears of a Brexit remain in the market, with the upcoming referendum vote that will decide the fate of Britain in the European Union.
 
On the BSE, HDIL was trading up 3.81%, Godrej Properties was up 2.95%, Jindal Steel 2.90%, DLF 2.52%, Jubilant LifeSciences 2.81%, Maruti Suzuki 1.55%, Reliance Communication 1.39%. 

The rupee appreciated 8 paisa against the dollar at the interbank foreign exchange, as there was fresh selling of the dollar by exporters and bankers due to lower trade deficit in the last fiscal.  

(With agency inputs)

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