Mumbai, July 17: The Indian stock market opened on a positive note during Friday’s trading session. At 9:16 AM, the Sensex rose by 367 points or 0.48% to reach 77,554, while the Nifty gained 90 points or 0.38% to stand at 24,163.
In early trading, IT stocks led the market rally, making the Nifty IT the top gainer with a 2% increase. Other sectors such as Nifty Auto, Nifty Services, Nifty Private Bank, Nifty Financial Services, and Nifty Oil & Gas also showed positive momentum.
Conversely, sectors like Nifty Pharma, Nifty Media, Nifty Healthcare, Nifty Metal, Nifty Realty, and Nifty FMCG were trading in the red.
Among the gainers in the Sensex pack were Infosys, Tech Mahindra, TCS, HCL Tech, M&M, ICICI Bank, HUL, Maruti Suzuki, HDFC Bank, Tata Steel, Axis Bank, SBI, Indigo, Bajaj Finance, and Asian Paints. On the losing side were Eternal, Sun Pharma, ITC, Bajaj Finserv, NTPC, Ultratech Cement, Trent, and Bharti Airtel.
Experts suggest that the market may continue to trade within a limited range. This week, the depreciating rupee has impacted the market. High U.S. bond yields have hindered commercial banks from raising FCNRB deposits as expected. Contrary to expectations, this trend has affected the rupee, making it the worst-performing currency in Asia this week with a decline of over 1%.
Global markets are also witnessing weakness, with Tokyo, Shanghai, Hong Kong, and Bangkok trading in the red, while Jakarta remained in positive territory. The U.S. stock market closed lower on Thursday, with the Dow Jones down by 0.20% and the Nasdaq falling by 1.47%.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth ₹4,205.56 crore on Thursday. In contrast, Domestic Institutional Investors (DIIs) purchased equities worth ₹2,986.41 crore.
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