PremiumMUMBAI: Indian equity markets on Friday opened 0.86% higher with benchmark Sensex reclaiming 50,000 mark, as analysts expect lockdowns to ease soon on continued dip in covid infection cases.
At 9.40am, the benchmark Sensex rose 0.89% to 50,007.90 points while Nifty rose 0.86% to 15,034 points.
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Premium Premium "Benchmark indices witnessed sharp run-up this week despite selling pressure seen in last two days as daily caseload in second wave continued to remain below 3 lakh despite increase in number of testing, which offered comfort and may result in lifting of ongoing state level lockdowns sooner", said Binod Modi, Head Strategy at Reliance Securities.
"Further, assumption of second wave of covid-19 to peak-out by the end of May or mid of June holds true and adverse impact of second wave should not be felt beyond Q1FY22. Investors will continue to focus on trajectory of daily caseload and vaccination ramp up in the country in the near term", Modi added.
Analysts are keenly watching the rate of decline in covid cases and the pace of vaccination.
"Going ahead, the market is likely to continue with its consolidation till the inflation fear looms. Domestically too, though the fresh daily covid cases have started declining but the daily death numbers continue to be record high – thus worrying the market", said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services..
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