Indian Stock Markets Open Higher As IT Shares Rally, Sensex Gains Over 400 Points

Indian equity markets opened higher on Friday, supported by domestic buying and gains in information technology (IT) stocks despite weak global cues.

The BSE Sensex opened at 73,665.64, rising more than 400 points or 0.57 per cent, while the NSE Nifty began trading at 22,742.20, up 54.55 points or 0.24 per cent.

The technology sector led the early gains, with the Nifty IT index rising nearly 3 per cent in morning trade.

The Nifty MidSmall IT & Telecom index advanced around 1 per cent, while the Nifty Pharma and Nifty Healthcare indices also traded marginally higher.

However, the Nifty Metal, Nifty Realty and Nifty MidSmall Financial Services indices declined by up to 1 per cent.

Market analysts identified surging Brent crude prices, which touched $114 per barrel, as a major concern for the economy and equities.

However, the decline in the US 10-year Treasury yield to 4.96 per cent and the rupee’s appreciation to 94.70 against the US dollar could help limit foreign institutional investor (FII) selling.

Analysts also pointed to a potential liquidity boost from the Jio Platforms initial public offering (IPO). More than ₹3 lakh crore of the ₹3.73 lakh crore invested in the issue over the previous two days was expected to return to the financial system after share allotments by Monday, potentially supporting markets next week.

The Nifty’s support lies at 22,600–22,650, with resistance at 22,900–23,000. FIIs sold ₹3,459 crore in equities on Thursday, while DIIs bought ₹2,891 crore.

The Nasdaq fell 2.6 per cent, while Japan’s Nikkei dropped around 1.7 per cent.

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