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Indian benchmark equity indices opened higher on Friday, supported by sustained foreign institutional investor (FII) buying and easing crude oil prices, even as global markets continued to witness heightened volatility and IT stocks came under pressure.
The NSE Nifty 50 opened at 24,361.45, up 44.30 points or 0.18 per cent, while the BSE Sensex gained 70.51 points or 0.09 per cent to 77,998.66. Foreign institutional investors have remained net buyers over the past three trading sessions, purchasing equities worth a cumulative Rs 7,360 crore, lending support to domestic markets. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said sharp swings in global markets, particularly in the US and South Korea, have increased the appeal of relatively stable markets such as India. "India is a stable market and the down risks are limited now, particularly in largecaps where the valuations are fair and growth prospects good. During the last three days FIIs have cumulatively bought equity for Rs 7,360 crores. This FII buying, though not a distinct trend so far, has the potential to impart resilience to the market. Q1 results released, so far, indicate revival of earnings growth momentum," he said. Among sectoral indices on the NSE, Nifty IT was the only index in the red, falling 2.26 per cent. The broader market remained positive, with Nifty Auto rising 0.96 per cent, Nifty Metal gaining 0.60 per cent, Nifty Pharma advancing 0.59 per cent, Nifty PSU Bank climbing 0.38 per cent, Nifty Media adding 0.27 per cent, and Nifty FMCG edging up 0.23 per cent. Brent crude prices declined 1.37 per cent to around USD 85 per barrel at the time of filing this report, while the Indian rupee traded at Rs 95.68 per US dollar. Major companies scheduled to announce their Q1 results later in the day include ITC, Maruti Suzuki India, Bajaj Finserv, Indian Oil Corporation (IOC), GAIL (India), and Dixon Technologies, with their earnings expected to influence stock-specific action as well as broader market sentiment. Other Asian markets traded mixed in the early session, with Japan's Nikkei 225 surging more than 4 per cent to 64,460, South Korea's KOSPI jumping over 14 per cent to 6,400, and Taiwan's weighted index rising more than 7 per cent to 42,785. In contrast, Hong Kong's Hang Seng slipped 0.18 per cent to 25,813, while Singapore's Straits Times declined 0.79 per cent to 5,628. Overnight, US markets ended higher, with the S&P 500 gaining 1.66 per cent to close at 7,437, while the Nasdaq advanced 2.79 per cent to finish at 25,124. (ANI)
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