Indian stock markets opened on a strong note on Friday, taking cues from a global market rally
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MUMBAI — Indian stock markets opened on a strong note on Friday, taking cues from a global market rally and rising optimism that an India–US trade deal may soon be finalised.
The positive sentiment strengthened further after Prime Minister Narendra Modi spoke with US President Donald Trump on Thursday, with both leaders discussing ways to boost economic ties as officials continue negotiations on a trade agreement.
At the opening bell, the Sensex climbed 391 points or 0.46 per cent to reach 85,209. The Nifty also moved higher, gaining 112 points or 0.43 per cent to trade at 26,010.
Commenting on the technical outlook, analysts said that the immediate support now lies around 25,750–25,800, and deeper support is positioned near 25,500.
"On the upside, resistance is expected around 26,000–26,050. Sustained trade above 26,050 may encourage further buying, potentially driving the index toward 26,300," experts stated.
Several major stocks supported the market’s upward momentum, with L&T, Hindalco, Tata Steel, Ultratech Cement, Adani Ports, Bajaj Finance, BEL, NTPC, Axis Bank, Maruti Suzuki India and Power Grid among the top gainers.
However, some shares saw profit booking, leading to declines in Wipro, Sun Pharma, HDFC Life, HUL, Eicher Motors, Infosys, and Tech Mahindra.
Broader markets also showed strength, as the Nifty MidCap index rose 0.42 per cent and the Nifty SmallCap index added 0.54 per cent.
Sector-wise, the Nifty Metal index emerged as the best performer with a 1.44 per cent jump, boosted by strong buying interest.
This was followed by gains in Nifty Realty, Nifty Media, Nifty Private Bank, and Nifty Financial Services. In contrast, the Nifty FMCG index was the only sector trading in the red, showing a slight decline.
Analysts said that the market mood remained upbeat, supported by global cues and expectations of progress on the trade front between India and the United States.
In December so far, FIIs have sold equity worth Rs 14845 crores through the exchanges. This sell figure has been completely eclipsed by the DII buying for Rs 36097 crores during this period.