BT Opening Bell | Sensex jumps 352 pts, Nifty tops 24,000; IT stocks shine

Domestic benchmark indices Sensex and Nifty opened lower on Friday, tracking upbeat cues from Asian markets, supported by gains in heavyweights such as NTPC, Eternal and Adani Ports amid uncertainty over the US-Iran conflict.

At 9:17 am, the BSE Sensex surged 248.93 points, or 0.33%, to 76,116.73, after rising as much as 352 points in early trade, while the NSE Nifty jumped 50.10 points, or 0.21%, to 23,957.25, briefly touching a high of 24,002.80.

Among Sensex constituents, Infosys jumped 2.18% to Rs 1184.40. HCL Technologies climbed 1.71%, while Tata Consultancy Services (TCS), Reliance Industries, and Tech Mahindra gained 1.67%, 1.37% and 1.27%, respectively.

“There are some positive trends on the economic and market front. Brent crude declining to below $ 93 is a big positive. This has happened on expectations of a deal between US and Iran,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

“Therefore, if a deal happens crude can decline further, thereby improving India’s macros which have been under pressure from the energy crisis. This will also help stabilise the rupee, which, in turn, can restrain the FPI outflows,” Vijayakumar said.

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Broader Asian markets traded higher today. Japan’s Nikkei 225 surged 1.86% to 65,896.57, while South Korea’s Kospi gained 1.97% to 8,346.69. Hong Kong’s Hang Seng rose 0.55 to 25,143.62. 

Wall Street ended higher overnight, with all three major indices closing in the green. The S&P 500 gained 0.58% to settle at 7,563.63, while the Dow Jones Industrial Average edged up 0.04% to close at 50,668.97. The Nasdaq Composite jumped 0.91% to end at 26,917.47.

Previous session

In the previous session on Wednesday, the Sensex declined 141.90 points, or 0.19%, to settle at 75,867.80, while the Nifty edged down 6.55 points, or 0.03%, to close at 23,907.15.

The market is currently in a consolidation phase following its recent recovery, with benchmark indices struggling to maintain momentum near higher levels, said Hitesh Tailor, Research Analyst, Choice Equity Broking Private Ltd.

“Although selective buying interest and lower volatility continue to provide stability, profit booking at resistance zones is limiting fresh upside traction. A decisive move beyond the immediate trading range will be important to confirm the next directional move, while holding key support levels may keep the broader undertone resilient in the near term,” Tailor said.