Indian equity markets opened higher on Friday, with benchmark indices outperforming weak global trends as buying interest in large-cap stocks, technology companies and earnings-driven counters lifted investor sentiment.
The BSE Sensex gained over 600 points during morning trade. At 9:55 am, the index was trading 623.67 points higher, or 0.81%, at 77,810.54. The NSE Nifty 50 also advanced 167.15 points, or 0.69%, to 24,239.90.
However, market breadth remained negative, indicating that the rally was largely concentrated in heavyweight stocks.
On the NSE, 1,212 shares were trading higher, while 1,967 stocks declined, suggesting limited participation beyond large-cap counters.
Information technology stocks emerged as the biggest drivers of the rally after Tech Mahindra reported better-than-expected revenue growth and improved margins for the June quarter.
Strong deal wins and signs of progress in its business turnaround boosted investor confidence.
The Nifty IT index gained 1.29%, becoming the best-performing sectoral index.
Tech Mahindra shares rose 2.15%, while HCL Technologies gained 2.29%. Infosys advanced 1.79% and TCS climbed 1.65%, placing four major IT companies among the top Nifty gainers.
Jio Financial Services was another major contributor, with its stock rising nearly 5% after the company reported a 156% year-on-year increase in consolidated net profit for the June quarter.
Revenue also jumped 227%, supported by higher interest income and growth in fee-based businesses.
Reliance Industries gained nearly 2% ahead of its quarterly earnings announcement. Investors expect the company’s diversified operations, stronger refining margins and improved petrochemical performance to support earnings despite ongoing geopolitical concerns in West Asia.
Banking stocks also provided support, with the Nifty Bank index rising 0.58% and the Nifty Private Bank index gaining 0.76%. HDFC Bank advanced over 1% ahead of its quarterly results.
Analysts said recent market weakness had created opportunities for value buying, with investors selectively accumulating shares of large companies.
Meanwhile, broader markets remained under pressure. The Nifty Midcap 100 declined 0.41%, while the Nifty Smallcap 100 fell 0.85%.
Sector-wise, pharma, metal and media stocks witnessed selling pressure, with companies such as Dr Reddy’s Laboratories, Cipla, Apollo Hospitals and Max Healthcare among the major losers.
