Stock market opens higher, Nifty above 22,550, Sensex rises 400 points

Stock market today: BSE Sensex and NSE’s Nifty 50, the stock market equity benchmark indices, opened in green with Sensex up 400 points, rising 0.57 per cent while the Nifty 50 was above 22,550 with a 0.4 per cent gain. At 9:30 am on May 6, Sensex was trading at 74,321.62  up by 455 points and Nifty was trading at 22,564.85 with a rise of 89 points. 

Last Friday, the majority of stocks showcased muted performance after strong gains in the earlier trade.  Today, the market is expected to react to the US employment data, positive cues from its Asian peers, and a potential buying spree after a correction in the last trading session. 

Market opening top gainer was Kotak Mahindra Bank, trading at Rs 1,617.30 apiece up by over 4.3 per cent, as of 9:54 am. Following the private bank, IT majors such as TCS, Infosys, HCL Tech, and Tech Mahindra were driving the indices. The NIFTY IT index was showing strong recovery of 1.5 per cent after a decline in the last trading session.   

US market, on Friday, closed higher driven by positive sentiments after Warren Buffett’s Berkshire Hathaway quarterly results. The optimism is likely to transit across Asian markets. 

Asian markets started on a positive note, benefiting from gains on Wall Street after the release of US jobs data, which eased concerns about prolonged high-interest rates. The rebound in global risk sentiment was primarily driven by the weaker-than-expected April US job data, according to OCBC analysts.

Investor attention will be focused on the market reaction to the quarterly results of Indian jeweller Titan Company, which missed profit expectations due to higher discounts and gold prices. As of 9:49 am, the shares of the Titan Company were trading 5.20 per cent down at Rs 3351.40 apiece.

Additionally, the shares of Britannia Industries are trading 2 per cent up at Rs 4,838 apiece after the biscuit maker surpassed profit estimates for the fourth quarter.

Earnings reports from key stocks scheduled for this week, including Tata Motors, Asian Paints, Larsen and Toubro, Cipla, and Dr Reddy's Labs, will also be closely watched by investors.