Stock Market Open: Sensex Jumps 695 Points, Nifty Crosses 23,000 As IT Stocks Rally

Indian equity benchmarks surged nearly 1 per cent in early trade on Wednesday, tracking positive global cues and strong buying in information technology (IT) stocks.

The Sensex rose 695 points, or 0.94 per cent, to 74,548.69, compared with its previous close of 73,852.90. The Nifty gained nearly 200 points, or 0.86 per cent, to 23,086.95 against its previous close of 22,888.95.

Both indices opened higher, with the Sensex starting at 74,337.93, up 485.03 points or 0.66 per cent. The Nifty opened at 23,016, gaining 127.05 points or 0.56 per cent.

Sectorally, Nifty IT, PSU Bank, Cement, MidSmall IT & Telecom, and Oil & Gas advanced by up to 1.97 per cent. Nifty Media and Nifty Chemicals traded in negative territory.

Market experts said elevated Brent crude prices and US bond yields could keep equities under pressure in the near term, with investors likely to continue selling into rallies.

Improving earnings growth, reasonable valuations among large-cap stocks and strong domestic liquidity could support markets during declines.

IT and banking stocks, which have reported encouraging second-quarter results and offer attractive valuations, could attract domestic institutional investors (DIIs) during market corrections, experts said. They added that the ongoing earnings season would make trading increasingly stock-specific and sensitive to corporate results.

On October 19, foreign institutional investors (FIIs) sold equities worth approximately ₹1,148 crore. DIIs provided support by purchasing shares worth around ₹3,200 crore.

Asian markets traded higher after gains in US stock futures, as upbeat earnings from major artificial intelligence-linked companies renewed investor interest in technology stocks.

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