Mumbai (IANS): Domestic benchmark indices jumped over 1 percent during Friday’s early trade as investors pinned their hopes on easing tensions in West Asia.
The Sensex opened at 74,559 (up 352 points), while the Nifty started the session at 23,110, gaining 108 points. Shortly after the opening bell, the 30-share Sensex surged 891 points (1.20 percent), and the Nifty climbed 279.7 points to hit 23,281.85. Broad-based buying across multiple sectors fueled these strong gains.
Sector Performance and Market Breadth
Buying interest touched almost every corner of the market:
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PSU Banks: Led the rally with a jump of over 2 percent.
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IT & Energy: Posted gains of 2 percent and 1.7 percent, respectively.
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Auto & Metals: Attracted healthy buying, signaling positive market breadth.
Technical Outlook: Hitesh Tailor, Research Analyst at Choice Broking, notes that while the market reflects bearish undertones, it faces key resistance in the 23,200–23,250 range. He places immediate support near the 22,850–22,900 levels.
Global and Institutional Drivers
Analysts credit the market relief to recent signals from the US and Israel regarding a possible de-escalation in the Iran conflict.
On the institutional front, the two main forces balanced each other out in the previous session:
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Foreign Institutional Investors (FIIs): Offloaded equities worth Rs 7,558 crore.
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Domestic Institutional Investors (DIIs): Countered this by purchasing shares worth Rs 3,864 crore.
International Markets & Commodities
While Indian markets rallied, global peers showed a mixed trend:
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Wall Street: Ended its session in the red; the S&P 500 fell 0.27 percent and the Nasdaq dipped 0.28 percent.
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Asia: Japan’s Nikkei tumbled over 3 percent, and Hong Kong’s Hang Seng slipped 0.35 percent, though South Korea’s KOSPI rose nearly 1 percent.
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Commodities: Oil prices provided a tailwind for Indian equities. By 8:55 a.m., Brent crude futures dropped 3.39 percent to $104.96 per barrel, while US WTI fell 3.22 percent to $92.47.
