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Indian equity markets opened higher on Friday, supported by strong buying in information technology (IT) shares following an announcement by the US government on the Permanent Labour Certification Programme (PERM).
The BSE Sensex opened at 71,776.67, gaining 183.43 points or 0.26%. The NSE Nifty 50 began trading at 22,314.95, rising 83.15 points or 0.37%.
The Nifty IT index led sectoral gains, surging more than 3% to 28,604.75 and touching an intraday high during morning trade.
The Nifty MidSmall IT & Telecom index also advanced more than 2% to 9,825.85. Nifty FMCG, Media, Healthcare, Realty and Private Bank indices gained up to 1% in early trading.
Despite the positive opening, market experts cautioned that elevated crude oil prices and high US bond yields continued to weigh on sentiment.
Persistent selling by foreign institutional investors (FIIs) has also increased pressure on the market, prompting investors to remain cautious even towards fundamentally strong blue-chip stocks.
Analysts expect foreign investors to remain net sellers in the near term, particularly in large-cap stocks, despite valuations becoming more attractive. However, they noted that market corrections could create opportunities for long-term investors to accumulate quality stocks.
Analysts placed Nifty support at 22,050 and resistance at 22,290–22,350. Weak US tech stocks and high crude prices weighed on global sentiment, despite easing bond yields.
FIIs sold ₹12,943 crore in equities on Thursday, while DIIs bought ₹10,703 crore. FII sales through exchanges reached ₹36,210 crore in October so far.
Also Read: Stock Market Today: Sensex Ends 1,045 Points Lower, Nifty Falls 371 As Crude Surges
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