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

Indian stock markets started Friday’s trading session on a firm note, with information technology shares emerging as the main source of support.

Investors took a cautious approach ahead of US Federal Reserve Chair Kevin Warsh’s address at the Jackson Hole Symposium.

The Sensex climbed 193.02 points, equivalent to 0.25 per cent, to trade at 77,126.61 during early deals. The Nifty added 33.80 points, or 0.14 per cent, to stand at 24,124.65.

Technical analysts identified the 24,000 and 23,800 strike levels as crucial support zones for the Nifty.

The concentration of Put open interest at these levels indicated expectations of buying support if the index approached these marks.

On the upside, analysts highlighted 24,200 and 24,300 as important resistance areas. Significant Call open interest at these strikes suggested that sellers could limit further advances.

Another analyst pointed to 24,025 as a crucial level for determining the index’s positional trend.

A sustained move below this previous swing low could confirm a reversal, while 24,378 could pose immediate resistance if the index continued to rise.

IT stocks provided the strongest boost to the benchmark indices during early trading.

Tech Mahindra, Tata Consultancy Services (TCS) and Infosys featured among the leading gainers on the Nifty.

The broader market maintained a positive opening.

The Nifty MidCap index rose 0.03 per cent, while the Nifty SmallCap index advanced 0.16 per cent.

Sector-wise, Nifty IT jumped more than 1 per cent to outperform other segments.

Nifty Metal and Nifty Media traded higher, while Nifty Private Bank and Nifty Financial Services remained comparatively weaker.

Crude oil prices added another layer of uncertainty, with Brent crude moving above $89 amid the absence of clarity over diplomatic efforts to reopen the Strait of Hormuz.

With global monetary policy, oil prices and geopolitical tensions influencing sentiment, investors are expected to closely monitor developments before taking further positions.

Also Read: Stock Market Today: Sensex Ends 539 Points Lower, Nifty Settles At 24,090