Nifty Hits Lifetime High, Sensex Above 51,400

Indian equities opened higher for the fifth consecutive session fueled by Metal stocks in the early trade on Friday, May 28. The Nifty-50 index crossed its previous record high and was trading at its new lifetime high in the morning trade.

The global markets were also trading positive overnight which backed the Indian markets to edge higher at market opening, said experts. The BSE Sensex opened higher by 291.44 points at 51,406.66, while the Nifty-50 was at 15,437.00, up by 99.10 points.

Shares of HDFC twins and Reliance were trading higher by over a per cent each in the early trade, while shares of ONGC were up over two per cent. The 30-share Sensex marked gains in 21 shares and declines in 9 shares.

Among the sectors, the Metal sector turned out to be the top performer after several sessions of bearish movement. Shares of Jindal Steel, Tata Steel, and JSW Steel were trading over three per cent at market opening and bagged the top gainers of the index.

In the broader markets, the BSE Midcap and Smallcap indices were also trading higher tracking gains in the benchmark indices. Shares of Hester Bio and MTNL were up nearly 10 per cent each in the Smallcap space.

On the flipside, the Pharma sector was the only sector trading in the red territory at the market opening. Shares of Sun Pharma and Dr. Reddy's Labs were among the top index losers as they shed over two and one per cent respectively.

In the overall market breadth, 1363 shares advanced, 419 shares declined, while 60 shares were unchanged.

On the other hand in the IPO market buzz, the payment giant - Paytm is said to discuss its IPO plan with the company's board members over a virtual meet. As per the sources aware of the development, the company is said to announce the country's biggest-ever IPO which is likely to be valued at $3 billion.