New Delhi: A day after Prime Minister Narendra Modi’s swearing-in, the domestic stock markets on Friday’s session kickstarted with an overarching 40,000 mark, ahead of the release of Gross Domestic Product (GDP) data by the government.Also Read - Stock Market: Sensex Drops By 78 Points, Nifty Closes Below 17,550
The S&P BSE Sensex rose by 253.55 points to 40,085.52 in the early trade, and the NSE Nifty index climbed to 12,022.10 marking an increase of 76.2 points from the previous close. On the other hand, Rupee opened at 69.76/dollar against Thursday’s close of 69.87/dollar. Also Read - Karnataka Lockdown Update: Government's Travel Advisory Leaves Border Commuters Confused | Deets Here
The leading companies on the 50-scrip benchmark index were BPCL, Asian Paints, Bharti Airtel, Coal India and Indian Oil, while HDFC Bank, TCS and Larsen & Toubro contributed the most to the opening advances in Sensex. Also Read - Share Market Update: BSE Sensex Creates History, Crosses 58,000 For First Time
Oil marketing companies are set to gain in trade today as crude oil prices are likely to fall overnight. Coal India is up by 2.09 per cent, IOC by 2.35 per cent, and BPCL is higher by 2.18 per cent.
The government is yet to release the GDP data for the final quarter of 2018-19 which may coincide with the important cabinet meeting at 5:30 pm on May 31.
On international taxations, the US government has announced a 5 per cent tariff against Mexican import goods, which will be imposed from June 10. The decision was in order to curb the increasing illegal immigration from Mexico to the US.