Mumbai, Sep 18: Indian equity markets opened on a positive note on Friday, supported by stronger global markets and fresh buying in metal, real estate and cement stocks. The positive start came despite continued pressure on information technology shares.
The Sensex opened at 74,575.24, gaining 260 points, or 0.35 per cent, while the Nifty 50 climbed 64 points, or 0.28 per cent, to 23,334.70.
Among sectoral indices, the Nifty Metal index emerged as the leading gainer, rising 0.76 per cent in early trade. The Nifty Realty index followed with a gain of 0.74 per cent, while the Cement and Media indices advanced 0.55 per cent and 0.47 per cent, respectively.
Other sectors, including healthcare, automobiles, banking, pharmaceuticals, energy and FMCG, also traded higher during the opening session.
However, IT stocks remained under pressure. The Nifty IT index declined more than 1 per cent, while the Nifty MidSmall IT & Telecom index slipped 0.40 per cent. Tata Motors Passenger Vehicles, TCS, Infosys, Tech Mahindra and HCL Technologies were among the major Nifty losers, falling by up to 3 per cent in early trade.
Market analysts said the strength in global equities was supported by resilience in US markets despite elevated bond yields and expectations of healthy corporate earnings. Positive sentiment in major overseas markets also provided a supportive backdrop for Indian equities.
Domestically, continued activity in the primary market has attracted investor attention towards IPOs and potential listing gains. Analysts noted that this shift in investor focus has also contributed to subdued activity in some large-cap stocks in the secondary market.
From a technical perspective, the broader market structure remains cautious, while the Relative Strength Index (RSI) at 29.95 points towards oversold conditions. Analysts have placed immediate support for the Nifty in the 23,000–23,150 range, with resistance seen between 23,350 and 23,450.
A sustained move above the resistance zone could improve market sentiment, while a break below the support range may extend the ongoing corrective trend.
Institutional flows remained mixed on Thursday. Foreign Institutional Investors (FIIs) sold equities worth Rs 3,208 crore, according to provisional exchange data. In contrast, Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,617 crore, providing support to the domestic market.
Global market conditions remained favourable. US markets ended Thursday’s session higher, with the S&P 500 rising 1.14 per cent and the Nasdaq gaining 1.69 per cent.
Asian markets also followed the positive trend. Japan’s Nikkei gained nearly 2 per cent, Hong Kong’s Hang Seng advanced around 1 per cent, while South Korea’s KOSPI rose more than 2 per cent.
Meanwhile, crude oil prices eased, offering some relief amid concerns over elevated energy prices. Brent crude declined 1 per cent to $103.61 per barrel, while US West Texas Intermediate (WTI) crude traded around $101 per barrel, down 0.77 per cent.
The combination of positive global cues, strength in metal and realty stocks and softer crude prices supported the domestic market’s positive opening. Investors, however, are likely to closely monitor foreign fund flows, IT sector weakness, crude prices and key technical levels for further market direction.