Indian markets surged over 1.5 per cent in the opening session on Friday due to heavy buying by funds and retail investors led by RBI data amid firm Asian cues.
At 9.15 a.m., the 30-share BSE index Sensex was up 295.88 points (1.57 per cent) at 19,171.53 and the 50-share NSE index Nifty was up 94.3 points (1.66 per cent) at 5,776.65.
Positive data from the Reserve Bank of India (RBI) on the value of the country’s transactions with the rest of the world propped up the domestic sentiment.The current account deficit is a key component of the value of transactions with the rest of the world. The deficit moderated to 3.6 per cent of gross domestic product (GDP) in the January-March quarter, on the back of an increase in exports and a marginal decline in imports.
Asian stocks rose for the third consecutive session, with the regional benchmark index paring the first quarterly slump in a year, amid signs the Japanese and US economies are improving and assurances on stimulus efforts by the Federal Reserve.
Japan's Nikkei average jumped 3.2 per cent to its highest in nearly four weeks, egged on by upbeat data showing consumer prices stopped falling in May and labour demand reached its strongest level in five years.
Japan’s Nikkei 225 rallied 422.09 points or 3.19 per cent to 13,635.64 and Hong Kong’s Hang Seng jumped 213.85 points or 1.05 per cent to 20,653.93.
US stocks had ended higher yesterday as reports showed consumer spending rebounded, pending home sales soared to the highest level since 2006 and jobless claims declined last week.
Fed Bank of New York President William C. Dudley said the central bank may prolong its $85-billion monthly bond-buying programme should the economy fail to meet the central bank's estimates.
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