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Sensex, Nifty open firm despite slowdown concerns across global markets

Sensex, Nifty open firm despite slowdown concerns across global markets

Sensex on Friday opened higher in a sharp contrast to the global markets which suffered heavy losses as slowdown concerns magnified after a weak US factory data outcome. Earlier Chinese factory data along with that of India's suggested a global growth slowdown. The latest addition to the worries was tech major Apple's announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.

Apple is one of the world's largest companies by market value and it was the first time in years that it sharply cut it's growth forecast. Despite the underlining negativity, all the sectors on the BSE inched up, led by auto telecom stocks. However, the banking stocks traded on a flat note, up just 0.06 per cent. The S&P BSE Sensex opened at 35,590.79 from its previous close of 35,513.71 on Thursday. At 9.23 a.m., the Sensex traded 184.01 points or 0.52 per cent higher at 35,697.72. The NSE Nifty50 opened at 10,699.70 after closing at 10,672.25 on Thursday. The Nifty50 traded at 10,725.15 during the morning trade session, up 52.90 points and 0.50 per cent.

(With inputs from agencies.)

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