Benchmark indices surged in trade, despite weakish global cues, with the Sensex above 40,000 points and the Nifty above 12,000 points. The Sensex was last seen trading at 40,103 points, up 271 points.

HDFC Bank and Reliance Industries were leading the set of gainers in early trade.

Asian shares sank and sovereign bonds surged on Friday as investors feared US President Donald Trump's shock move to slap tariffs on Mexico risked tipping the United States, and maybe the whole world, into recession.

US stocks showed signs of stabilizing on Thursday, but gains were kept in check by conflicting comments on trade talks from President Donald Trump and Beijing that reinforced concerns about a potentially lengthy battle harming global growth.

On the macro front, the Reserve Bank of India on May 30 announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal. The Sovereign Gold Bonds (SGB) will be issued every month from June 2019 to September 2019, RBI said in a statement.

On the earnings front, Encore Software, Lakshmi Overseas Industries, MVL, Nakoda, Nitco, Orchid Pharma, United Textiles will announce March quarter results today. On the corporate front, ONGC Q4 profit went down 51 percent at Rs 4,044.6 crore versus Rs 8,262.7 crore; revenue down 3.4 percent at Rs 26,758.5 crore versus Rs 27,694 crore (QoQ). Coal India Q4 profit at Rs 6,024.2 crore versus Rs 1,302.6 crore, revenue up 7.5 percent at Rs 28,546.3 crore versus Rs 26,547 crore (YoY).

As on May 30, 2019 the FIIs stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 4791.26 Crore and gross debt purchased stood at Rs. 2334.62 Crore, while the gross equity sold stood at Rs. 4892.75 Crore and gross debt sold stood at Rs. 1800.20 Crore. Therefore, the net investment of equity and debt reported were Rs. -101.49 Crore and Rs. 534.42.

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