Sensex, Nifty open nearly 1 pc higher; IT, metal stocks drive rally

MUMBAI — Indian equity markets opened higher on Friday amid mixed global cues, with benchmark indices rising nearly 1 per cent each as buying was led by IT, metal, pharma and chemical stocks.

Sensex began session at 78,152.34, up 650 points or 0.84 per cent, while Nifty opened around 200 points or 0.83 per cent higher at 24,375.65.

Sector-wise, Nifty IT surged nearly 2 per cent, while Nifty Metal gained 1.66 per cent. Nifty MidSmall IT & Telecom, Chemicals and Pharma indices advanced over 1 per cent, 0.82 per cent and 0.72 per cent, respectively.

In contrast, the Nifty PSU Bank index declined 0.87 per cent.

Among Nifty 50 constituents, Tata Motors Passenger Vehicles (TMPV), NTPC, SBI and Axis Bank were the top losers.

The broader market remained firm, with Nifty Smallcap 50 and Nifty Smallcap 100 indices rising 0.48 per cent and 0.46 per cent, respectively. Nifty 100 gained 0.46 per cent, while Nifty 500 advanced 0.41 per cent.

India VIX -- the volatility index -- fell 1.62 per cent to 12.09.

According to market experts, the near-term outlook remains cautiously optimistic.

For the Nifty, sustained strength above the 24,000 mark keeps the broader trend positive, with immediate resistance seen at 24,300, followed by 24,450, they said.

On the downside, 24,050 remains a key support level, while a breach could trigger a corrective move towards 23,900.

They added that investors should remain watchful of the ongoing global technology sell-off, as renewed weakness in semiconductor stocks could prompt profit booking after the recent sharp rally in domestic IT names.

International oil benchmark Brent crude rose 0.77 per cent to $72.36 per barrel, while US West Texas Intermediate (WTI) crude gained 0.68 per cent but remained below $70 per barrel.

In Asian markets, shares traded largely higher, with the Nikkei, Hang Seng and KOSPI rising up to 3 per cent.