BT Opening Bell | Sensex rises 267 pts, Nifty above 23,750; IT stocks shine

Domestic benchmark indices Sensex and Nifty opened higher on Friday amid mixed global cues, even as a weakening rupee and rising crude oil prices kept investors cautious. Market participants may also closely track the meeting between US President Donald Trump and Chinese President Xi Jinping for further direction on global trade.

At 9:18 am, the BSE Sensex gained 142.17 points, or 0.19%, to 75,540.89, after rising as much as 267 points in early trade, while the NSE Nifty climbed 60.20 points, or 0.25%, to 23,749.80, briefly touching a high of 23,774.95.

Among Sensex constituents, Adani Ports jumped 2.24% to Rs 1813. Tata Consultancy Services (TCS) rose 1.30%, while Infosys, HCL Technologies, and Power Grid gained 1.20%, 1.20% and 1.08%, respectively.

“There are rumours of measures to shore up the rupee and attract capital into the economy. We will have to wait for clarity on this,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

“The decision to increase the price of petrol and diesel by Rs 3 a litre and CNG by Rs 2 a kg indicates that the government is playing it safe through small increases, perhaps stage by stage, without triggering a sharp spike in cost-push inflation,” Vijayakumar added.

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Global stock markets

Broader Asian markets traded lower today. Japan’s Nikkei 225 was trading 1.28% lower at 61,849.81, while South Korea’s Kospi traded down 2.86% at 7,753.13. Hong Kong’s Hang Seng declined 0.95% to 26,138.19. 

Wall Street ended higher overnight, with all three major indices closing in the green. The S&P 500 gained 0.77% to settle at 7,501.24, while the Dow Jones Industrial Average also rose 0.75% to close at 50,063.46. The Nasdaq Composite jumped 0.88% to end at 26,635.22.

“Despite the improving sentiment, markets still remain highly headline-driven due to geopolitical uncertainties and crude oil volatility. From a risk-management perspective, avoiding aggressive overnight leveraged positions continues to remain a prudent strategy until global stability improves further,” said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.

Previous session

In the previous session on Thursday, the Sensex jumped 789.74 points, or 1.06%, to settle at 75,398.72, while the Nifty gained 277 points, or 1.18%, to close at 23,689.60.