Indian Markets Open Higher on Friday, Boosted by Strong Buying in IT Stocks

Indian equity benchmarks started the day on a positive note on Friday, supported by domestic buying interest and a sharp rally in information technology stocks, even as global markets remained weak.

The Sensex opened at 73,665.64, up over 400 points or 0.57 per cent, while the Nifty began at 22,742.20, higher by 54.55 points or 0.24 per cent.

The technology sector led the early gains, with Nifty IT rising nearly 3 per cent in morning trade. Nifty MidSmall IT & Telecom also advanced by about 1 per cent. Pharma and healthcare indices traded marginally higher.

On the downside, Nifty Metal, Nifty Realty and Nifty MidSmall Financial Services slipped by up to 1 per cent.

Analysts noted that Brent crude climbing to $114 remains a major concern for the economy and markets. However, a sharp fall in the US 10-year yield to 4.96 per cent and the rupee’s appreciation to 94.70 against the dollar are seen as positive factors that could limit FII selling.

They also pointed out that more than Rs 3 lakh crore of the Rs 3.73 lakh crore that went into the Jio Platform IPO over the last two days is expected to return to the system after allotment by next Monday. This potential liquidity surge could support the market next week.

Technically, Nifty’s RSI stood at 43.98, above its average of 38.86, while the put-call ratio eased to 0.82. Immediate support is seen at 22,600-22,650, with resistance at 22,900-23,000.

On Thursday, FIIs remained net sellers, offloading equities worth Rs 3,459 crore, while DIIs provided support with net purchases of Rs 2,891 crore.

In the US, the Nasdaq closed 2.6 per cent lower amid an AI-led technology sell-off. Asian markets also opened weak, with Japan’s Nikkei falling around 1.7 per cent.