Indian equity markets opened higher on January 28, supported by gains in banking stocks and improved investor sentiment following the announcement of a Free Trade Agreement between India and the European Union. Benchmark indices Sensex and Nifty advanced in early trade, while several major companies are scheduled to announce their third-quarter results later in the day.
The 30-share BSE Sensex opened at 81,892 and extended gains in early trade. At 9:22 am, the Sensex was trading at 82,453.07, up 595.59 points or 0.73 percent.
The National Stock Exchange’s Nifty 50 also opened higher at 25,258 and moved above the 25,300 mark in early trade. At 9:24 am, the index was trading at 25,356.80, up 181.40 points or 0.72 percent.
Buying interest in banking, auto and infrastructure stocks supported the broader market. Banking stocks continued their upward momentum, providing support to benchmark indices in the opening session.
Market sentiment was further aided by the announcement of a Free Trade Agreement between India and the European Union. The agreement is expected to benefit sectors such as automobiles, pharmaceuticals, textiles and engineering, with expectations of higher exports and improved corporate earnings over the longer term.
Asian markets showed a mixed trend in the latest session. Japan’s Nikkei 225 was trading lower by 1.43 percent, while South Korea’s Kospi was up 1.48 percent. Australia’s S&P ASX 200 index was largely flat with a mild negative bias.
US markets closed mixed in the previous session. The S&P 500 ended at a record high for the fifth consecutive session, rising 0.41 percent to close at 6,978.60. The Nasdaq Composite gained 0.91 percent, while the Dow Jones Industrial Average declined 0.83 percent, weighed down by selling pressure in health insurance stocks.
Several major companies are scheduled to announce their third-quarter results on January 28. These include Larsen and Toubro, Maruti Suzuki India, SBI Life Insurance, TVS Motor, Lodha Developers, SBI Cards, GE Vernova TD India, Phoenix Mills, Fertilisers and Chemicals Travancore, Mahindra and Mahindra Financial Services, Cochin Shipyard, Gland Pharma, Garden Reach Shipbuilders, TVS Holdings, Pine Labs, Star Health and Allied Insurance, Piramal Pharma, National Securities Depository and eClerx Services.
