BT Opening Bell | Sensex jumps 195 pts, Nifty above 23,700; Bajaj Finserv, Maruti lead gainers

Domestic benchmark indices Sensex and Nifty opened higher on Friday, tracking upbeat global cues as crude oil prices hovered below the $100-per-barrel mark amid growing hopes of a US-Iran peace deal.

At 9:17 am, the BSE Sensex jumped 132.23 points, or 0.18%, to 75,315.59, after rising as much as 195 points in early trade, while the NSE Nifty gained 39.85 points, or 0.17%, to 23,694.55, briefly touching a high of 23,710.80.

Among Sensex constituents, Bajaj Fniserv surged 0.77% to Rs 1765.50. Maruti Suzuki advanced 0.72%, while UltraTech Cement, Trent, and ICICI Bank rose 0.65%, 0.61% and 0.61%, respectively.

"An important recent trend in the market is buy on dips and sell on rallies. Low openings are bought into and high openings are getting sold. Institutional activity must be playing a role in this. Retail traders have to handle this trend very deftly,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

“Brisk activity is happening in the broader market. Small and midcaps coming out with good results and optimistic growth projections are getting positive response from the market,”  Vijayakumar added.

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Broader Asian markets traded higher today. Japan’s Nikkei 225 surged 2.29% higher at 63,094.61, while South Korea’s Kospi climbed 0.38% to 7,845.40. Hong Kong’s Hang Seng gained 0.83% to 25,598.32. 

Wall Street ended higher overnight, with all three major indices closing in the green. The S&P 500 climbed 0.17% to settle at 7,445.72, while the Dow Jones Industrial Average advanced 0.55% to close at 50,285.66. The Nasdaq Composite edged up 0.09% to end at 26,293.10.

Previous session

In the previous session on Thursday, the Sensex declined 135.03 points, or 0.18%, to settle at 75,183.36, while the Nifty edged down 4.30 points, or 0.02%, to close at 23,654.70.

Hitesh Tailor, Research Analyst, Choice Equity Broking Private Ltd, said that overall market sentiment appears to be moderately positive in the near term. 

“However, the inability of benchmark indices to sustain at higher levels in recent sessions suggests that traders may continue to witness stock-specific action along with intermittent volatility. A sustained move above immediate resistance zones could strengthen bullish momentum further, while holding above key support areas will remain crucial to maintain the prevailing recovery structure," Tailor added.