Mumbai: Indian stock markets opened higher on Friday, supported by strong buying in information technology stocks despite rising crude oil prices and weak global market trends. The BSE Sensex gained 372.76 points, or 0.51 per cent, to reach 73,622.15, while the NSE Nifty 50 advanced 43.75 points to 22,731.40 in early trading.
The Sensex opened at 73,665.64 against its previous close of 73,249.39. Meanwhile, the Nifty began trading at 22,742.20, compared with Thursday's closing level of 22,687.65. IT stocks provided major support, helping benchmark indices remain positive despite weakness across several sectors.
IT Stocks Lead Market Rally
Tata Consultancy Services (TCS) surged 3.73 per cent, followed by Infosys at 3.10 per cent and HCL Technologies at 2.44 per cent. Tech Mahindra gained 1.20 per cent, while Bharti Airtel and Reliance Industries also traded higher. The Nifty IT index climbed 2.72 per cent. However, Nifty Metal declined 1.24 per cent, while Realty and Media indices also witnessed selling pressure.
Crude Oil Prices Remain A Concern
Brent crude traded at USD 113.70 per barrel, raising concerns about inflation and India's import costs. Dr V K Vijayakumar of Geojit Investments said declining US bond yields and improving liquidity conditions could support domestic equities. He added that funds returning after the Jio Platforms IPO allotment could improve market sentiment next week.
Nifty Outlook: Key Support And Resistance Levels
Hemang Gor of Axis Direct identified 22,800 as an important resistance level for the Nifty. A sustained breakout could push the index towards 23,000, while 22,500 remains crucial support.
Shrikant Chouhan of Kotak Neo said a decline below 22,550 could trigger further selling towards 22,450–22,350. Investors will monitor crude prices, foreign institutional flows and global market movements for direction.
