Watch out for these breakout stocks today

Nifty 50 started higher on the back of strong global signals. Watch out for breakout stocks as of Friday.

Nifty 50 began the week's last trading session at 17,111.8, up from its previous closing of 16,985.6. This was due to strong global signals. On Thursday, leading Wall Street indices concluded significantly higher after 11 of the country's largest banks contributed 30 billion US dollars to support First Republic Bank.

Global Markets  

Since First Republic Bank's shares have been under pressure recently due to worries about the overall financial system, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other institutions were in discussions to deposit billions of dollars of their own money into the bank.

In overnight trade, Nasdaq Composite rallied 2.48%, Dow Jones Industrial Average ascended 1.17%, and S&P 500 rose 1.76%. Yet, at the time of writing, their respective futures were trading flat. Friday saw Asian market indices trade higher as they followed the overnight Wall Street trading signals, with Hong Kong's Hang Seng index setting the pace. 

Domestic Markets  

Nifty 50 was trading at 17,073.8 at 10:00 a.m., up 88.2 points or 0.52%. Frontline indices, on the other hand, underperformed broader market indices. Nifty Mid-Cap 100 index gained 0.6% and Nifty Small-Cap 100 index rose 0.86%.

Market Statistics

The advance-decline ratio on the BSE was fairly favourable, with 2156 stocks rising, 739 falling, and 84 staying unchanged. Except for the media and FMCG sectors, all other sectors were trading positively.

FIIs were net sellers, while DIIs were net purchasers, according to statistics as of March 16. Foreign Institutional Investors (FIIs) sold Rs 282.06 crore worth of shares. Domestic Institutional Investors (DIIs) invested Rs 2,051.45 crore in shares.

Breakout Stocks to Watch Out for Today