Source : INDIA TODAY NEWS
Stock markets opened in the green on Friday, with both the Sensex and Nifty rising nearly 1% in early trade, supported by better global cues and buying across key sectors.
The S&P BSE Sensex climbed 687.99 points to 77,319.64, while the NSE Nifty50 added 211.60 points to 23,986.70 as of 9:58 am.
The gains come after a volatile previous session on April 9, when markets had fallen sharply due to profit booking and selling in financial stocks. The Sensex had dropped 931.25 points, while the Nifty declined 222.25 points to close at 23,775.10.
GLOBAL CUES SUPPORT SENTIMENT
Global markets remained supportive, helping lift sentiment in India. Asian markets traded higher, with indices such as Nikkei and Kospi rising up to 1-2%.
However, investors remained cautious as they continued to track developments around the US-Iran ceasefire and rising tensions involving Israel and Lebanon.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the market will closely track upcoming developments in global tensions.
“The market will wait to see the outcome of the peace talks between US and Iran scheduled for Saturday. The outcome of the peace talks will determine the trend in crude prices, which, in turn, will dictate market trends.”
He added, “If the talks lead to de-escalation in the conflict and drive crude price down, the markets, particularly markets like India which are energy import-dependent, will bounce back. The reverse will happen if the peace talks fail and crude spikes further.”
OIL PRICES STAY BELOW $100
Crude oil prices remained below the key $100 per barrel mark, which supported the rally in Indian markets.
As of around 8:25 am, Brent crude was trading at $96.16 per barrel, up 0.25%, while WTI crude was at $97.81, slightly down by 0.06%.
Lower oil prices are positive for India as they reduce pressure on inflation and help improve the outlook for companies.
FINANCIAL STOCKS LEAD THE RALLY
The rally was led by financial stocks, which saw strong buying. The Nifty Financial Services index rose 1.6% during the day and is up 8.2% so far this week, on track to end a six-week losing streak.
Several heavyweight stocks gained in early trade. Asian Paints rose 3.33%, ICICI Bank gained 3.35%, and Axis Bank moved up 2.40%. Mahindra and Mahindra added 2.02%, while Bajaj Finserv rose 1.76% and Bajaj Finance gained 1.64%.
State Bank of India, Kotak Mahindra Bank and Power Grid also traded higher. Larsen and Toubro, Maruti, HDFC Bank and Reliance Industries saw modest gains.
IT STOCKS DRAG
In contrast, IT stocks were under pressure and acted as a drag on the market.
The Nifty IT index fell around 1.5%, with major stocks trading lower. TCS declined about 3%, Infosys dropped over 3%, and HCLTech fell more than 2%. Tech Mahindra also slipped.
The weakness in IT stocks came after TCS reported its quarterly results. While the company posted growth in revenue and profit, the market remained cautious about the sector’s outlook.
Vijayakumar pointed to continued selling by foreign investors as a key risk.
“It appears that FPIs are determined to sell in India and move money to other markets like South Korea and Taiwan where the earnings growth prospects are much superior in 2026. However, this will be a short-term view.”
He added that despite challenges, some stocks are still performing well.
“It is important to note that many stocks are hitting 52-week highs, even all-time highs Fundamentally sound growth stocks will do well even during weak market conditions.”
Markets are seeing support from lower oil prices, positive global cues and buying in financial stocks.
However, the overall trend will depend on global developments, especially the outcome of US-Iran talks and movements in crude oil prices.
While the broader market remains positive, sector-wise divergence is visible, with IT stocks continuing to face pressure.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
– Ends
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SOURCE :- TIMES OF INDIA
