Mumbai, July 2: The Indian stock market opened positively amid a decline in crude oil prices. At 9:15 AM, the Sensex rose by 217 points or 0.28 percent to reach 77,139, while the Nifty gained 74 points or 0.31 percent, standing at 24,074.
IT stocks led the early surge, making the Nifty IT index the top gainer with an increase of over 2 percent. Other sectors such as Nifty Metal, Nifty Auto, Nifty Consumer Durables, Nifty Realty, Nifty India Defense, Nifty Services, Nifty PSU Bank, and Nifty Commodities also showed positive movement. Conversely, Nifty Energy, Nifty PSE, Nifty Infra, Nifty Oil and Gas, and Nifty Media were in the red.
The upward trend persisted in mid-cap and small-cap stocks as well. The Nifty Midcap 100 index rose by 187 points or 0.30 percent to 62,196, while the Nifty Smallcap 100 index strengthened by 86 points to 19,018.
In the Sensex pack, notable gainers included Infosys, HCL Tech, TCS, Tech Mahindra, Eternal, HDFC Bank, Titan, Indigo, Kotak Mahindra Bank, Sun Pharma, Tata Steel, Bajaj Finserv, M&M, Adani Ports, ICICI Bank, HUL, Asian Paints, ITC, and SBI. On the losing side were NTPC, Power Grid, Bajaj Finance, Bharti Airtel, Trent, L&T, BEL, Maruti Suzuki, Axis Bank, and Ultratech Cement.
The rise in IT stocks, along with the drop in crude oil prices, is credited for the market’s bullish sentiment. The benchmark Brent crude futures price fell to $70.75 per barrel, marking a decline of about 25 percent over the past month due to peace talks between the U.S. and Iran.
Global markets showed a downward trend, with Tokyo, Shanghai, Bangkok, and Seoul in the red. Only Hong Kong and Jakarta were in positive territory. The U.S. stock market closed lower on Wednesday, with the Dow Jones experiencing a slight drop of 0.03 percent, while the technology index Nasdaq fell by 0.66 percent.
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