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

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%.