Indian benchmark indices opened in positive territory on Friday, tracking encouraging global cues and investor optimism over ongoing diplomatic efforts between the United States and Iran.
The markets witnessed mild gains in early trade, supported by buying interest in banking stocks and improving sentiment across Asian markets.
The BSE Sensex rose 307 points, or 0.41 per cent, to 75,491, while the NSE Nifty advanced 89 points, or 0.38 per cent, to trade at 23,744 during the early session.
Broader markets remained mixed, with mid-cap stocks edging higher while small-cap stocks slipped marginally.
Banking shares led the gains, whereas media and realty stocks traded lower. Analysts said markets continued to follow a ‘buy on dips and sell on rallies’ trend, driven mainly by institutional investors.
Falling Brent crude prices, a stronger rupee and positive earnings from small and mid-cap firms further supported sentiment.
Global markets also remained upbeat amid hopes of progress in US-Iran peace talks, despite ongoing concerns over Iran’s nuclear programme.
Among Asian indices, Japan’s Nikkei surged more than 2 per cent, while China’s Shanghai and Shenzhen indices, Hong Kong’s Hang Seng and South Korea’s Kospi also traded in positive territory.
US markets had ended higher overnight, with gains in the Nasdaq, Dow Jones and S&P 500 indices supporting global investor sentiment.
Foreign institutional investors sold equities worth ₹1,891 crore on May 21, while domestic institutional investors purchased shares worth ₹2,492 crore, reflecting continued domestic support for the Indian equity market.
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