After witnessing a weak trend on Thursday, Indian equities today opened with a gain of 56.45 points, at 14,321.98 tracking good global signals.

In the previous day session, The 30-share index, BSE marked its closure after losing 257.31 points (1.77%), while the NSE Nifty fell by 104.75 points, or 2.40%.

Metal, consumer goods and capital goods space bucked the trend.

BSE Midcap and Smallcap index gained 0.22% and 0.90% respectively.

Japanese benchmark index Nikkei surged 9.90 points to trade at 9,713.62. Hong Kong’s Hang Seng index increased 104.13 points to trade at 17,880.79 and China’s Shanghai Composite rose 9.72 points to trade at 2,863.62. (10.15 a.m, IST).

While commenting on the stock market outlook, Mr. Avinash Gupta, AVP Research Equity, Bonanza Portfolio stated that the market has come down decisively from the range in which it was moving before this time.

He said that a downward bias is expected in the market in today’s session.

“Indian stocks moved down in line with the other Asian markets. Position liquidation as well as short selling was witnessed. The selling was across a wide front today also and advance decline ratio worsened, Mr. Gupta added.

Mr. Avinash said that some sectors to give way included metals, realty, power etc. Capital Goods, and Auto ancillary were also weak, he noted.

He also said that some strength was noticed in the select banking stocks. State Bank of India, Axis Bank and PNB recorded gains, he marked.