Sensex Soars 700 Points, Nifty Crosses 24,160 as IT Stocks Drive Market Gains

Mumbai: Indian benchmark equity indices opened with strong gains on Friday, mirroring positive global market cues as a rally in chip-related stocks lifted investor sentiment. Information technology shares led the charge, helping the domestic markets post a robust start to the trading session.

In early trade, the BSE Sensex surged 701.73 points, or 0.91 per cent, to 77,443.55, while the NSE Nifty climbed 200.85 points, or 0.84 per cent, to trade at 24,162.25.

Market analysts said the 24,100-24,200 zone will be a key resistance level for the Nifty. A sustained move above this range could strengthen market sentiment and pave the way for a rally towards the 24,400 mark.

On the downside, immediate support is seen at 23,900, followed by 23,800. According to experts, a decisive breach below 23,800 could trigger fresh selling pressure and drag the index towards the 23,600 level.

The rally was powered by IT stocks, with Tech Mahindra, HCLTech and Tata Consultancy Services emerging among the top gainers on the Nifty.

The positive trend was also visible in the broader markets. The Nifty MidCap index gained around 0.7 per cent, while the Nifty SmallCap index advanced 0.6 per cent during early trading.

Among sectoral indices, the Nifty IT jumped nearly 3 per cent, making it the best-performing sector of the day. The Nifty Metal and Nifty Consumer Durables indices also traded firmly in the green.

However, defensive sectors lagged behind the broader market. The Nifty Pharma and Nifty Healthcare indices were among the biggest losers during the opening session.

According to market experts, optimism in global equities, particularly the rally in semiconductor-related stocks, boosted investor confidence and encouraged buying across Indian markets. They also noted that despite continuing geopolitical tensions in West Asia, investors have largely shrugged off these concerns and remained focused on positive global market trends.

With inputs from IANS