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Indian stock markets opened on a positive note despite weakness in the pre-opening session. The Sensex rose over 200 points, while the Nifty 50 moved above the 25,900 mark in early trade.
Indian Markets Open Higher After Weak Pre-Open Session
Mumbai: The stock market showed a positive trend in early trading today. The Sensex opened with a gain of over 200 points at the opening bell, while the Nifty 50 rose above the crucial level of 25,900. Investor buying brought a surge in the market, with several major stocks trading in the green.
However, pressure was seen in the pre-opening session before the market opened. During that time, the Sensex fell by over 150 points and the Nifty slipped below 25,850. Investors adopted a cautious stance due to weakness in global cues and Asian markets, but the situation appeared to shift in favor of the bullish trend with the opening.
Defense and IT sector stocks saw strong buying in early trading. Bharat Electronics Limited (BEL) and Tech Mahindra shares rose by around 1 percent. Banking and metal stocks also saw limited gains, supporting the market.
In the foreign exchange market, the Indian rupee weakened in early trade. It fell 3 paise to 89.93 against the dollar. The rupee was under pressure due to dollar demand from importers and the strengthening of the US currency globally. However, market experts believe that crude oil prices and foreign investor activity will determine the rupee's future direction.