Share benchmarks Sensex and Nifty rallied over 1.6% in the morning trade on Friday amid continued buying in oil, auto and financial stocks and taking cues from global markets.
The BSE benchmark traded higher by 546 points to 34,978 at around 11 am, while NSE’s Nifty jumped 173 points to 10,553-level.
The domestic currency made strong footing by 31 paise to 73.14 against the US dollar after crude Oil prices fell to 7-month lows in the global market amid latest foreign fund inflows. The world’s top-three producers offset supply worries from the start of U.S sanctions coming week against Iran’s petroleum exports.
Oil Marketing Company stocks are trading higher with Bharat Petroleum rising over 5.22 percent, while Indian Oil Corp has gained 4.72 percent and ahead of its Q2 earnings.
Shares of Vedanta, Mahindra and Mahindra and Yes Bank are also trading higher up between 4 and 5 percent in range, while Dr. Reddy,s, Wipro and Cipla have suffered the loss on the NSE, at the time of this updation.