Sensex & Nifty Open Higher As FMCG, IT & Auto Stocks Lift Market Mood

The Indian stock market began Friday’s session on a positive note, supported by gains in the FMCG, IT and automobile sectors amid mixed signals from global markets.

At approximately 9.29 AM, the BSE Sensex had risen by 281.75 points or 0.35 per cent to 81,233.74.

Meanwhile, the NSE Nifty moved up by 109.75 points or 0.45 per cent, reaching 24,719.45.

Sectoral indices also reflected strength in broader market sentiment.

The Nifty Bank index edged up by 69.85 points or 0.13 per cent to 55,011.15.

Meanwhile, the Nifty Midcap 100 stood at 56,582.95, a rise of 258.10 points or 0.46 per cent.

The Nifty Smallcap 100 gained 58.30 points or 0.33 per cent to trade at 17,561.40.

Analysts noted that India’s solid economic fundamentals, including steady growth and easing inflation and interest rates, continue to provide comfort to investors.

Among the leading performers on the Sensex were:

• ITC,
• Adani Ports,
• Infosys,
• PowerGrid,
• Tech Mahindra,
• Tata Steel,
• SBI,
• HCL Tech,
• UltraTech Cement,
• Tata Motors, and
• Eternal

On the other hand, Sun Pharma, M&M, NTPC, Bajaj Finance, Bharti Airtel, Maruti Suzuki and ICICI Bank saw declines in early trade.

Elsewhere in Asia, stock exchanges in China, Hong Kong, Bangkok, Seoul, Jakarta and Japan were trading in positive territory.

In the United States, the previous session ended on a mixed note.

The Dow Jones closed marginally lower at 41,859.09, down 1.35 points.

The S&P 500 slipped by 2.60 points to settle at 5,842.01, while the Nasdaq advanced 53.09 points to close at 18,925.74.

Experts stated, “US stocks closed mixed on Thursday after a volatile session, with major indices erasing early losses as Treasury yields retreated from recent highs following the House passage of President Trump’s tax and spending legislation.”

Regarding institutional activity, foreign institutional investors (FIIs) offloaded equities worth Rs 5,045.36 crore on 22 May.

Meanwhile, domestic institutional investors (DIIs) remained net buyers, purchasing shares worth Rs 3,715.00 crore.

Commenting on the overall trend, Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services asserted, “Even when the market turns weak, domestic demand driven segments like financials, telecom, aviation etc are resilient and this is reflected in the strength in the stock prices of the big boys in these segments like ICICI Bank, Bharti Airtel and Interglobe Aviation. This message from the market is important.”

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