Mumbai: Indian stock markets opened higher on Friday, supported by positive global cues and buying across metal, realty and cement shares.
The BSE Sensex opened at 74,575.24, gaining 260 points or 0.35%. The NSE Nifty 50 advanced 64 points, or 0.28%, to 23,334.70 during early trading.
Metal and realty shares lead
Nifty Metal emerged as the strongest sectoral index, rising 0.76%. Nifty Realty climbed 0.74%, while the cement and media indices gained 0.55% and 0.47%, respectively.
Healthcare, banking, automobile, pharmaceutical, energy and FMCG stocks also traded higher. However, Nifty IT declined more than 1%, while the MidSmall IT and Telecom index slipped 0.40%.
Tata Motors Passenger Vehicles, TCS, Infosys, Tech Mahindra and HCL Technologies were among the biggest Nifty losers, falling by up to 3%.
Nifty support and resistance levels
Analysts said the broader market structure remained weak, although the Relative Strength Index reading of 29.95 indicated oversold conditions.
Immediate support for Nifty is placed between 23,000 and 23,150, while resistance is expected in the 23,350–23,450 zone. A decisive breakout could strengthen the recovery, while a fall below support may extend the correction.
Foreign institutional investors sold Indian shares worth ₹3,208 crore on Thursday. Domestic institutional investors provided support by purchasing equities worth ₹3,617 crore.
Global markets provide support
Wall Street ended higher overnight, with the S&P 500 gaining 1.14% and Nasdaq rising 1.69%. Asian markets also advanced, as Japan’s Nikkei gained nearly 2% and South Korea’s KOSPI jumped over 2%.
Hong Kong’s Hang Seng rose almost 1%. Brent crude fell 1% to $103.61 per barrel, while US WTI crude declined 0.77% to around $101, easing some concerns for the oil-importing Indian economy.
