Sensex Jumps Over 370 Points And Nifty Crosses 22,700 Amid Strong Buying In IT Shares, Indian Stock Markets Gain Despite Elevated Crude Oil Prices
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.…
Mumbai experienced a surge in Indian stock markets on Friday, propelled by robust buying in information technology stocks. Despite rising crude oil prices and unfavorable global market trends, the BSE Sensex climbed 372.76 points, or 0.51 percent, reaching 73,622.15. The NSE Nifty 50 also rose 43.75 points to 22,731.40 in early trading. The Sensex opened at 73,665.64, up from its previous close of 73,249.39. Similarly, the Nifty began trading at 22,742.20, compared to Thursday's close of 22,687.65.
Information technology stocks played a crucial role in keeping the benchmark indices positive amidst sectoral weakness. Tata Consultancy Services (TCS) climbed 3.73 percent, followed by Infosys at 3.10 percent and HCL Technologies at 2.44 percent. Tech Mahindra surged 1.20 percent, while Bharti Airtel and Reliance Industries also showed gains. The Nifty IT index surged 2.72 percent.
However, indices such as Nifty Metal declined 1.24 percent, while Realty and Media indices faced selling pressure. Crude Oil prices remained a concern, with Brent crude trading at USD 113.70 per barrel, raising worries about inflation and India's import costs. Dr V K Vijayakumar of Geojit Investments noted that declining US bond yields and improving liquidity conditions could bolster domestic equities. Additionally, funds returning post-Jio Platforms IPO allotment could bolster market sentiment next week.
India's Crude Oil Import Bill surged to $15.4 billion in September. Hemang Gor of Axis Direct highlighted 22,800 as a crucial resistance level for the Nifty, with a sustained breakout potentially pushing the index towards 23,000. Conversely, 22,500 remained a vital support level. Shrikant Chouhan of Kotak Neo warned that a decline below 22,550 could trigger further selling towards 22,450-22,350. Investors will closely monitor crude prices, foreign institutional flows, and global market movements for market direction.
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