Indian equity markets opened higher on Friday, snapping a prolonged losing streak, led by a strong rally in IT stocks. The Sensex climbed over 275 points while Nifty50 traded above 25,700. Infosys surged more than 4%, lifting the IT index by over 2%.
Sensex, Nifty Trade in Green on Strong IT Buying Amid Mixed Global Cues
Mumbai: Breaking a prolonged downtrend, the Indian stock market opened strongly on Friday. This rally was primarily driven by buying in IT, PSU bank, and realty stocks. Investor confidence appeared to return in early trade, and major indices opened in the green.
As of 9:30 am, the BSE Sensex was trading at 83,658.17, up 275.46 points, or 0.33 percent. The NSE Nifty rose 66.95 points, or 0.26 percent, to 25,732.55. The market breadth was also positive, strengthening the rally.
In the broader market, the Nifty Midcap 100 index was trading 0.47 percent higher, and the Nifty Smallcap 100 index was trading 0.15 percent higher. This indicates that investors remain interested not only in large-cap stocks, but also in mid-cap and small-cap stocks.
Specifically, Nifty IT led the way, gaining 2.14 percent. Nifty Realty rose 1.99 percent, and Nifty PSU Bank rose 1.07 percent. On the other hand, Nifty Pharma (-0.34%), Nifty Media (-0.32%), and Nifty Metal (-0.31%) were in the red.
According to exchange data, foreign institutional investors (FIIs) sold shares worth ₹4,781.24 crore in the previous session, while domestic institutional investors (DIIs) made net purchases of ₹5,217.28 crore. Strong buying by DIIs supported the market.
Asian markets also witnessed a mixed trend. Markets in Japan, China, and Hong Kong were slightly weak, while indices in South Korea and Taiwan were up. Wall Street saw strength on Thursday, led by gains in chip and banking stocks, as did US markets.
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IT stocks were the biggest contributors to the Nifty 50. Infosys jumped nearly 4.5 percent, while Wipro, Tech Mahindra, and TCS also saw strong gains. On the other hand, stocks like Cipla, HDFC Life, ONGC, and Bharti Airtel declined.
Overall, the market opened on a positive note, and the strength of the IT sector boosted investor sentiment. Investors will now be watching for upcoming global cues and corporate results.
