Benchmark indices opened higher on Thursday with Nifty holding 11,450, led by gains in IT and realty stocks ahead of March F&O expiry. Asian peers, however, were trading in red as recession concerns sent bond yields spiralling lower across the globe.

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At 9:20 am, the S&P BSE Sensex was trading at 38,251, up 118 points, while the broader NSE Nifty50 was ruling at 11,467, adding 22 points. Meanwhile, broader markets were in-line with frontline indices with the Nifty MidCap rising 0.3 percent and the Nifty Smallcap advancing 0.4 percent.

HCL Tech, Zee, Indiabulls Housing Finance, Vedanta, and Ultratech Cement were the top gainers on the Nifty50, while Tata Motors, JSW Steel, IndusInd Bank, Dr Reddy's and HDFC fell the most on the index.

Among sectors, Nifty IT gained nearly 1 percent, led by gains in HCL Tech, Tech Mahindra, TCS and Infosys, up in the range of 0.8-2.5 percent. Nifty Media, Nifty Realty, and Nifty PSU Banks were other sectoral gainers

Shares of Tata Motors fell 1 percent after S&P on Wednesday downgraded its credit rating along with Jaguar Land Rover's. It has put it on review for a possible further downgrade due to the growing risks of a no-deal Brexit and US import tariffs.

Shares of Jet Airways fell 3 percent on reports that former State Bank of India (SBI) chairman Arun Kumar Purwar is likely to be named the new chairman of the debt-ridden airline.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent, with South Korea down 0.7 percent and Shanghai blue chips slipping 0.3 percent. Japan’s Nikkei fell 1.7 percent.

Worries that the inversion of the US Treasury curve signaled a future recession only deepened as 10-year yields fell to a fresh 15-month low at 2.34 percent.

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(With inputs from Reuters)

First Published:Mar 28, 2019 9:55 AM IST