Indian benchmark equity indices started the day strong on Friday, following global market trends. A surge in chip stocks boosted investor confidence, with information technology shares leading the gains. The Sensex rose by 701.73 points to 77,443.55, while the Nifty climbed 200.85 points to 24,162.25 during early trading.
Commenting on the Nifty’s technical outlook, experts highlighted the 24,100–24,200 range as the immediate resistance level. They suggested that a sustained breakout above this range could enhance market sentiment, potentially pushing the index towards the 24,400 mark. Conversely, the 23,900 level was identified as the immediate support, with a break below 23,800 likely to increase selling pressure.
The rally was primarily driven by information technology stocks, with companies like Tech Mahindra, HCLTech, and Tata Consultancy Services leading the gains on the Nifty index. The positive momentum extended to the broader market, with the Nifty MidCap index rising by around 0.7% and the Nifty SmallCap index by 0.6% in early trade.
Among sectoral indices, the Nifty IT sector surged by nearly 3%, emerging as the top performer supported by strong gains in technology stocks. Additionally, the Nifty Metal and Nifty Consumer Durables indices also showed positive movements. On the contrary, defensive sectors like Nifty Pharma and Nifty Healthcare witnessed declines during the early session.
Market sentiment remained positive following a global equities rally driven by the strength in chip-related stocks. This uplifted investor confidence, leading to increased buying in domestic equities. Despite ongoing tensions in West Asia, markets seemed to overlook these geopolitical uncertainties, according to market experts.
