Stock Market opens with a bang! Sensex soars 350+ points, Nifty races ahead
Mumbai/IBNS: Indian benchmark indices opened higher on Friday, supported by gains in information technology (IT) stocks and optimism ahead of the June-quarter earnings announcements of heavyweight companies, even as most Asian markets traded lower.
The BSE Sensex climbed more than 350 points in early trade, while the NSE Nifty 50 advanced nearly 100 points at the opening bell, reflecting positive investor sentiment.
IT stocks lead gains
IT stocks emerged as the top performers after Tech Mahindra's better-than-expected quarterly revenue boosted sentiment in the sector. However, Wipro slipped after its earnings missed market expectations.
Investors are also awaiting the quarterly results of heavyweight companies including Reliance Industries, HDFC Bank and ICICI Bank, due later on Friday and over the weekend.
Asian markets remain under pressure
Indian equities outperformed their regional peers as most Asian markets traded in the red on Friday. South Korean markets remained closed due to a public holiday.
Rupee strengthens
The Indian rupee appreciated by 14 paise against the US dollar in early trade, aided by positive domestic equity sentiment, while gains in crude oil prices remained limited.
Crude oil edges higher
In the commodities market, Brent crude futures rose 0.12% to $85.03 per barrel, while US West Texas Intermediate (WTI) crude gained 0.19% to $79.07 per barrel.
Market outlook
Analysts expect markets to remain volatile through the session as investors react to the ongoing earnings season and monitor global cues, with stock-specific action likely to dominate trading.
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