CHENNAI: Indian equity markets continued their upward trajectory Friday, buoyed by robust buying in IT stocks and positive sectoral performances. BSE Sensex at 81,422.83 was up 515 points (+0.64%) in the opening trade, NSE Nifty50 at 24,784.7, gaining 173 points.
On the broader markets, the Nifty IT index surged over 1%, driven by strong performances from major IT stocks. The Nifty FMCG index also gained more than 1%, indicating broad-based sectoral strength.
Nifty MidCap rose 0.31% in the early session today, while Nifty SmallCap declined 0.26%.
Sectoral Performance
Sector-wise top gainers as of now included Infosys, HCL Tech, and Tech Mahindra, with gains of up to 2% in the IT sector, FMCG sector saw ITC and Nestle India with notable increases.
In infrastructure, Power Grid and UltraTech Cement advanced, while Bajaj Finserv and Kotak Mahindra Bank were among the top performers in the financial sector.
Top losers in the morning trade were Sun Pharma, down 5% in Pharma and Mahindra & Mahindra (M&M) in automotive, facing selling pressure.
In the banking sector, ICICI Bank and IndusInd Bank experienced losses, and Titan Company fell by approximately 5% in consumer goods sector.
IPO Updates
The subscription window for Belrise Industries IPO closed today with a strong response. This was oversubscribed by 3.85 times. The Grey Market Premium (GMP) indicates a potential listing gain of around 25% for this IPO.
The allotment process Borana Weaves IPO is expected to be finalised today. Investors can check their allotment status on the BSE and NSE websites.
Global Cues
Global markets showed mixed signals, with US stocks displaying little movement as investors digested fiscal policy developments. Despite this, Indian markets maintained their upward momentum, supported by strong domestic sectoral performances and investor sentiment.
Market Outlook
The Indian stock market's resilience is evident, with strong performances across key sectors. Investors are advised to monitor global economic indicators and domestic policy developments as they continue to influence market dynamics.