Indian stock markets opened on a positive note on Friday, with Sensex jumping over 730 points and Nifty trading above 24,000 points after yesterday’s limited session, supported by strong earnings of heavyweights, positive global cues and other factors boosting investor sentiment.
Sensex opened at 77,395.63, hitting an intraday high of 77,526.85 against the previous close of 76,741.82. On the other hand, Nifty opened at 24,124.70 compared to the previous closing level of 23,962.80. At the time of reporting, the Sensex was trading at 77,441.52, up 699.70 points or 0.91 per cent, while the Nifty was at 24,161.60, up 198.80 points or 0.83 per cent.
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Sectorally, all indices were trading in the green with Nifty IT leading the pack with gains of 2.08 per cent, followed by Nifty MidSmall IT & Telecom (1.44 per cent) in morning trade.
On BSE, Tech Mahindra, TCS, Infosys, HCL Tech, Indi Go, ICICI Bank, Asian Paint, Reliance, BEL, M&M, Maruti, HDFC Bank, Eternal, Kotak Bank among others were among the top gainers. Meanwhile, Bharti Airtel and Sun Pharma remained on top.
Gold prices rose in the commodities market on Friday as the US dollar weakened, but the yellow metal continued its weekly decline amid concerns that escalating US-Iran tensions could add to inflationary pressures and prompt the US Federal Reserve to maintain a tight monetary policy stance.
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Spot gold rose 0.2 percent to US$4,128.92 an ounce at 0303 GMT, although it was still set to post a weekly loss of more than 1 percent. Meanwhile, US gold futures for August delivery were little changed at US$4,139.50 an ounce.
At the time of writing, Brent crude was trading at US$76.57 per barrel, having touched a high of US$76.66 per barrel.
Banking and markets expert Ajay Bagga said, “Wall Street’s positive momentum successfully continued in Friday morning’s Asian trading session. Regional indices broadly moved higher, with Japan’s Nikkei gaining ground, and technology-heavy indices in Taiwan and South Korea strengthened as bargain hunters rushed to catch up with semiconductor giants following recent valuation concerns.”
“Domestic equities will immediately look to test the psychological 24,000 mark as institutional liquidity remains strong and the broader indices look to par the earlier weekly corrections,” he said.
Market analyst Vipin Diksena said, “Nifty is attempting a short-term recovery after a sharp selloff, but the structure is still cautious as the price is near the 50-EMA at 24,150 and is yet to reclaim the 24,300 zone. Immediate support is around 24,100, then 23,900-23,850, while resistance is at 24,300. The RSI has bounced sharply from oversold, which supports a technical rebound, but a follow-through above 24,200-24,300 is needed to confirm that the panic phase is ending.
