Sensex, Nifty Follow Global Peers Higher

Indian shares opened on an upbeat note Friday, tracking positive global cues and ahead of the RBI’s monetary policy outcome.

The benchmark S&P BSE Sensex rose 220 points, or 0.4 percent, to 50,832 in early trade, while the broader NSE Nifty index was up 42 points, or 0.3 percent, at 14,937.

State Bank of India soared 14 percent after reporting strong numbers for the December quarter.

Britannia Industries edged up 0.6 percent and Punjab National Bank rallied 3.2 percent ahead of their earnings results.

Strides Pharma declined 1.4 percent after its Q3 consolidated net profit fell 62 percent. The company also said its board has approved in principle the demerger of its biotech business under Stelis Biopharma.

TCS and Infosys fell about 1 percent after Cognizant reported a 2.3 percent year-on-year decline in revenue for the December quarter.

NTPC rose about half a percent on reporting a 16 percent rise in quarterly consolidated profit.

Reliance Industries was marginally lower on news it will sell its entire stake in certain upstream assets in the Marcellus shale play of south-western Pennsylvania for $250 million.

Tata Power Company lost 4 percent despite reporting a 22 percent rise in Q3 profit.

GAIL edged down slightly. The oil ministry has put on hold a plan to bifurcate the state-owned gas utility.

Zee Entertainment plunged 6 percent despite posting strong earnings in Q3 FY21.

Brigade Enterprises advanced 1.1 percent. The company posted a quarterly loss of 16 crore but reported its highest ever presales of 1.53 mn sq ft in the December quarter.