Sensex and Nifty open nearly 1 per cent higher on IT buying

Indian equity benchmark indices opened nearly 1 per cent higher on Friday, led by gains in IT, metal, pharma and chemical stocks. Broader markets also advanced, while investors remained cautious about global technology weakness and monitored key support and resistance levels

Mumbai: Indian equity markets opened higher on Friday amid mixed global cues, with the benchmark indices rising nearly 1 per cent each as buying was led by IT, metal, pharma and chemical stocks.

The Sensex opened at 78,152.34, up 650 points or 0.84 per cent, while the Nifty gained around 200 points, or 0.83 per cent, to open at 24,375.65.

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Sector-wise, the Nifty IT index surged nearly 2 per cent, while the Nifty Metal index gained 1.66 per cent. The Nifty MidSmall IT & Telecom, Chemicals and Pharma indices advanced more than 1 per cent, 0.82 per cent and 0.72 per cent, respectively. In contrast, the Nifty PSU Bank index declined 0.87 per cent.

Among the Nifty 50 constituents, Tata Motors Passenger Vehicles (TMPV), NTPC, SBI and Axis Bank were the top losers.

The broader market remained firm, with the Nifty Smallcap 50 and Nifty Smallcap 100 indices rising 0.48 per cent and 0.46 per cent, respectively. The Nifty 100 gained 0.46 per cent, while the Nifty 500 advanced 0.41 per cent.

India VIX, the volatility index, fell 1.62 per cent to 12.09.

According to market experts, the near-term outlook remains cautiously optimistic.

For the Nifty, sustained strength above the 24,000 mark keeps the broader trend positive, with immediate resistance seen at 24,300, followed by 24,450, they said.

On the downside, 24,050 remains a key support level, while a breach could trigger a corrective move towards 23,900.

They added that investors should remain watchful of the ongoing global technology sell-off, as renewed weakness in semiconductor stocks could prompt profit booking after the recent sharp rally in domestic IT stocks.

International benchmark Brent crude rose 0.77 per cent to USD 72.36 per barrel, while US West Texas Intermediate (WTI) crude gained 0.68 per cent but remained below USD 70 per barrel.

In Asian markets, shares traded largely higher, with the Nikkei, Hang Seng and KOSPI rising by up to 3 per cent.

Wall Street ended lower overnight amid selling in technology stocks. The Nasdaq declined 0.80 per cent, while the S&P 500 closed flat.