IT sector leads gains as investors await Fed testimony

The Indian stock market opened on a positive note on Friday, driven primarily by the information‑technology sector. The Sensex recorded a rise of 193.02 points (0.25 percent) to 77,126.61, while the Nifty added 33.80 points (0.14 percent) to finish at 24,124.65.

Key IT stocks such as Tech Mahindra, Tata Consultancy Services and Infosys were the main contributors to the upward momentum. However, market participants remained vigilant ahead of the Federal Reserve chair’s slated address at the Jackson Hole symposium, which could shape expectations on U.S. interest‑rate policy.

Open‑interest data indicated that the highest put open interest is clustered at the 24,000 and 23,800 strike levels, signaling potential buying support at those zones. Conversely, the strongest call open interest sits at the 24,200‑24,300 band, pointing to possible resistance that may limit further gains.

Other indices displayed modest growth: the Nifty Mid‑Cap index edged up 0.03 percent and the Nifty Small‑Cap advanced 0.16 percent. The Nifty IT Index outperformed, climbing over 1 percent, while metal and media indices also posted solid performances. Private banking and financial services indices lagged.

Analysts note that investors are closely watching the Jackson Hole forum for clues on future monetary policy, which could have ripple effects on global equities. Meanwhile, Brent crude oil breached $89 per barrel as diplomatic solutions to reopen the Hormuz Strait remained elusive, influencing market sentiment.