Opening bell: Indices gain with Banking, FMCG and Power stocks leading the way

The market extends its gains on Friday, June 24

The Indian benchmark indices are trading with a gain of around 1%, supported by positive sentiments in Asian markets. The market was supported by buying seen in the banking and financial services, FMCG, IT, auto, and pharmaceutical industries.

Following the finding of oil in the recently drilled well in the CPO-5 block of Colombia's Llanos Basin by ONGC Videsh (OVL), ONGC's wholly-owned subsidiary, the stock of ONGC increased by 1.89%. The block is owned by partner Geopark to the tune of 30%, with ONGC Videsh holding the remaining 70% participation interest (PI) and operatorship. After learning that the bank's board of directors will meet on June 28, 2022, to discuss raising capital (Tier I/Tier II) for the fiscal year 2022–2023, Jammu & Kashmir Bank saw a 2.41% increase.

At 9:40 AM, the Sensex jumped by 439 points and is trading at 52,705.64 levels. BSE MidCap likewise, climbed by 193 points and is trading at 21,668.51 levels, BSE SmallCap has too gained 256 points and is trading at 24,392.38 levels. The stocks trading in green on the BSE Sensex are Induslnd Bank, Hindustan Unilever, Bharti Airtel, UltraTech Cement, and Mahindra & Mahindra.

The Nifty 50 index similarly soared by 124 points and is now trading at 15,680.80 levels. The Bank Nifty also zoomed by 458 points to trade at 33,593.45 levels. The top indices gainers on Nifty 50 are banking, auto, media, and PSU Banks. Only the Information Technology sector is in red today on the nifty.

According to expectations, Japan's core consumer prices increased by 2.1% in May compared to the same month a year prior. That is higher than the Bank of Japan's target inflation rate of 2%. The major Wall Street indexes had significant increases on Thursday, supported by defensive and technology equities, which outperformed economically sensitive categories, which saw drops as concerns about a potential recession remained.