Indian stocks up Friday largely on value buying

NEW DELHI: Indian stocks rose substantially Friday morning, partly due to fresh buying after the latest consecutive session losses. Strength in overnight US stocks too lent support.

At 9.27 am, Sensex traded at 59,411.98 points, up 502.63 points or 0.85 per cent, and Nifty traded at 17,475.50 points, up 153.60 points or 0.89 per cent.

"The US-based investment firm GQG partners investing Rs 15,446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress. This is positive news for Bank Nifty," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Asian shares rose on Friday after Wall Street reversed losses on signals of a measured policy tightening approach from the US Federal Reserve as well as on prospects of a solid economic recovery in China, said Deepak Jasani, Head of Retail Research, HDFC securities.

Indian stocks had fallen for over a week on weak global market conditions over concerns that global growth will continue to slow in 2023 due to monetary policy tightening by various central banks to control inflation.

The US central bank's policy rate is now in a target range of 4.50-4.75 per cent, the highest level in 15 years, and notably, it was near zero in the early part of 2022. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.