The Indian equity market opened marginally in green on Friday, taking cues from its global peers. The rising jobless claims in the US, the sliding dollar and China's decision to curb strict Covid norms have brought some respite in the financial market on the last day of this year's trading session.
The BSE Sensex opened at 61,329 points, up 200 points from the previous close of 61,133 points, whereas NSE Nifty-50 started trading 70 points higher to 18,259 points from the previous close of 18,191 points and Nifty Bank also opened higher at 43,401 points but tanked almost 200 points to consolidate near 43,000 mark.
As of 2:15, Sensex is trading at 61,157 points, marginally up by 24 points or 0.04%, while Nifty is barely trading in the green near the 18,200 mark and Nifty Bank is trading down around 120 points or 0.4% to 43,130 points.
Prashanth Tapse, Research Analyst and Senior VP (Research) at Mehta Equities said, "In view of a sharp rally in the overnight US markets, local benchmark indices are expected to commence on a firm note on the last trading day of 2022. Amidst intra-day volatility, markets may see select bouts of rally on hopes the lifting of restrictions in China could revive demand going ahead, although concerns over rising interest rates and recession fears continue to weigh on investors' minds. A weaker US dollar and WTI crude oil prices remaining under pressure should bode well for domestic markets."
Wall Street rallied on Thursday as the US added 9,000 more jobless claims. The Dow climbed 345 points, or 1.05%, while S&P and Nasdaq gained 1.75% and 2.59%, respectively. The total jobless claims in the US stands at 225,000 for the week ended on 24th December, slightly higher than the 223,000 estimate from Dow Jones.
Jason Blackwell, chief investment strategist at The Colony Group, said, "The market seemed to appreciate that the jobs report showed a modest increase in continuing unemployment claims, in line with expectations and providing a nugget of evidence that a soft landing is possible."
