Despite concerns about a slowdown in near term economic growth due to demonetization, the Indian stock market is trading higher Friday morning, tracking positive global cues.
Stocks from information technology sector are among the top gainers this morning, with a weak rupee triggering some strong buying in that space. Metal stocks are also mostly higher. Oil, bank, realty, power and consumer durables stocks too are finding good support.
The BSE benchmark Sensex is up 160.95 points or 0.62% at 26,021.12. The Nifty50 of the National Stock Exchange is up 56.50 points or 0.66% at 8022.00.
In the currency market the rupee is trding at 68.54 against the U.S. dollar after touching a low of 68.72. The rupee had closed at 68.74 earlier in the session.
IT bellwether Infosys is up 2.5%. Tata Consultancy Services is gaining 1.7% and Wipro is up 1.5%. Tech Mahindra is up nearly 3% and HCL Technologies is advancing 1.6%.
Tata Steel is rising nearly 3%. Vedanta is up 2.6%, JSW Steel is gaining 2.3% and Jindal Steel & Power is up 2.2%. Nalco is climbing nearly 6.5%. NMDC, MOIL, Orissa Minerals, Bhushan Steel, Hindustan Zinc, SAIL and Hindalco are up 1.5% - 4.3%.
GAIL India is up 2.1%. Asian Paints and Adani Ports are up 1.6% and 1.5%, respectively. Hero Motocorp, State Bank of India, State Bank of India, Sun Pharmaceutical Industries and Power Grid Corporation are also notably higher.