Indian stock markets opened higher on Friday, supported by firm global cues, with the Sensex rising 350 points to 80,592 and the Nifty climbing 71 points to 24,407 as of 9:22 AM.
Midcap and smallcap stocks, relatively subdued.
The Nifty Midcap 100 moved up slightly by 40 points (0.08 per cent) to 54,185, while the Nifty Smallcap 100 dipped by 12 points to 16,436.
Among sectors, auto, PSU banks, private banks, financials, metals, and realty stocks led the gains.
In contrast, pharma, FMCG and media stocks lagged behind.
Analysts, however, noted that the Nifty 50 remains in a tight range, forming a neutral candlestick on the technical charts.
A developing flag and pole pattern on the hourly chart could indicate a possible upside breakout.
Mandar Bhojane of Choice Broking stated, “If Nifty sustains above 24,400, it can potentially head towards 24,500 and 24,700 levels. Immediate support levels are placed at 24,200, 24,100, and 24,000, offering dip-buying opportunities.”
Top gainers on the Sensex, however, included:
Meanwhile, Nestle, Titan, Bajaj Finserv, HUL, Power Grid and Bajaj Finance were among the top losers.
Globally, Asian markets like Tokyo, Hong Kong, Seoul, Jakarta and Bangkok were trading higher.
US stocks also ended positively on Thursday, with the Nasdaq jumping over 1.5 per cent in the previous session.
Brent crude edged higher to $62.62 per barrel, marking a gain of nearly one per cent.
On the investment front, foreign institutional investors (FIIs) remained net buyers for the 11th straight session, picking up shares worth ₹50 crore.
Domestic institutional investors (DIIs) were more aggressive, buying equities worth ₹1,792 crore.
According to Devarsh Vakil, Head of Prime Research at HDFC Securities, the broader trend for the Nifty stays bullish as it continues to hold above all major moving averages.
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