Mumbai : India’s benchmark stock indices opened in positive territory on Friday, defying weak global market sentiment as strong buying in Information Technology (IT) and Automobile stocks lifted investor confidence during early trading.
Despite continued concerns over global economic growth, foreign fund outflows, and a weaker Indian rupee, domestic markets remained resilient, supported by gains in technology and auto shares.
Sensex and Nifty Trade Higher
In early trading, the BSE Sensex climbed 363 points, or 0.47%, to reach 77,550, while the NSE Nifty 50 advanced 100 points, or 0.43%, to trade at 24,176.
The gains reflected improved investor sentiment even as international markets remained under pressure.
IT Sector Emerges as the Biggest Gainer
The Nifty IT Index led the market rally, rising nearly 2% during the morning session as investors accumulated technology stocks.
Other sectors posting gains included:
- Nifty Auto Index: +0.83%
- Nifty Private Bank Index: +0.42%
- Nifty Oil & Gas Index: Marginal gains
- Nifty PSU Bank Index: Marginal gains
The strong performance of these sectors helped offset weakness in defensive industries.
Pharma and Healthcare Stocks Under Pressure
While technology shares rallied, Pharmaceutical and Healthcare stocks witnessed significant selling pressure.
The Nifty Pharma Index declined by more than 1%, while the Nifty Healthcare Index also fell nearly 1%.
Among the notable underperformers were Wipro, Hindalco Industries, Cipla, Eternal, Nestlé India, Max Healthcare, Sun Pharma, ITC, Dr. Reddy’s Laboratories, and Tata Consumer Products.
Market Experts See Range-Bound Trading
Market analysts believe Indian equities may continue to trade within a limited range in the near term.
According to experts, several factors are weighing on investor sentiment, including:
- Weakness in the Indian Rupee against the U.S. Dollar
- Continued Foreign Institutional Investor (FII) selling
- Soft global market sentiment
However, analysts note that consistent buying by Domestic Institutional Investors (DIIs) and strong technical support for the Nifty around the 24,000–24,100 level could help limit any significant downside.
Crude Oil Prices Move Higher
In the commodities market, Brent Crude Oil rose 1.48% to $85.48 per barrel, while West Texas Intermediate (WTI) crude increased 1.60% to trade around $80 per barrel.
Higher crude oil prices remain an important factor for investors, as they can influence inflation and corporate earnings.
Global Markets Remain Weak
Despite the positive start in India, major international markets continued to struggle.
Across Asia, markets traded sharply lower:
- Japan’s Nikkei 225 declined by more than 4%
- Hong Kong’s Hang Seng Index fell nearly 2%
- China’s Shanghai Composite Index dropped over 1%
The weakness followed overnight losses on Wall Street, where the S&P 500 slipped 0.51%, while the Nasdaq Composite fell 1.47%.
Outlook
Although global uncertainties continue to pressure financial markets, the resilience shown by India’s IT, Auto, and Domestic Institutional Investors has helped keep benchmark indices in positive territory. Investors will closely monitor upcoming corporate earnings, global economic data, crude oil prices, and foreign investment flows for further direction in the sessions ahead.
