In a welcome relief for investors, India’s equity benchmarks opened in positive territory on the last trading day of the week, propelled by sharp gains in information technology shares. The Nifty 50 index advanced 75 points to 24,845, and the Sensex added 245 points to reach 81,445 at the market open, reflecting broad-based buying interest.
IT heavyweights stole the spotlight, with TCS leading the pack at +2.8%, followed by HCL Tech and Tech Mahindra posting over 2% rises. This surge comes after a brief pullback, as investors rotated back into defensives amid stabilizing rupee and favorable US market closes. The Nifty IT index itself jumped 1.8%, outpacing other sectoral indices.
Market breadth favored advances, with 1,800 stocks trading higher against 1,100 decliners in the first hour. Banking names like HDFC Bank and ICICI contributed to the upside, while select PSUs added heft. Volatility remained contained, with the India VIX dipping below 13, signaling reduced fear gauges.
Key drivers include robust Q2 IT hiring trends and anticipation of Federal Reserve pauses, boosting outsourcing demand outlook. Domestic mutual fund inflows hit record highs this month, providing a solid base. Yet, concerns over crude oil prices and China stimulus spillovers linger.
Looking ahead, traders eye GIFT Nifty futures for intraday cues and major index heavyweights for directional thrust. A close above 25,000 on Nifty could open doors to fresh highs, but profit booking near resistance remains a risk. This Friday’s performance sets the tone for next week’s earnings-heavy calendar.
