Stock Market Today: Sensex, Nifty Open Higher As IT And Auto Stocks Lead Gains

Indian equity benchmark indices opened higher on Friday, with the Sensex and Nifty gaining nearly half a per cent in early trade despite weak global market cues.

Strong buying in information technology and automobile stocks lifted investor sentiment, even as concerns over foreign fund outflows and global uncertainties persisted.

In early trading, the Sensex rose 363 points, or 0.47 per cent, to 77,550, while the Nifty gained 100 points, or 0.43 per cent, to trade at 24,176.

The rally was led by technology stocks, with the Nifty IT index climbing nearly 2 per cent. The Nifty Auto index advanced 0.83 per cent, while the Nifty Private Bank index added 0.42 per cent.

Oil & Gas and PSU Bank stocks also traded modestly higher, contributing to the positive market momentum. Pharmaceutical and healthcare stocks remained under pressure.

The Nifty Pharma index declined more than 1 per cent, while the Nifty Healthcare index also slipped by around 1 per cent.

Among the major laggards were Wipro, Hindalco Industries, Cipla, Eternal, Nestlé India, Max Healthcare, Sun Pharma, ITC, Dr Reddy’s Laboratories and Tata Consumer Products.

Market experts expect equities to remain range-bound as a weaker rupee, continued FII selling and weak global cues weigh on sentiment.

Steady domestic buying and strong support around the 24,000 level could limit losses, while June-quarter earnings from major private banks may guide market direction.

Brent crude rose to $85.48 per barrel and WTI crude to $80. Asian markets declined sharply, while the S&P 500 and Nasdaq also ended lower overnight.

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