Domestic equity markets in Mumbai opened with gains on Friday, buoyed by positive global signals and a buying spree in metal, real estate, and cement sectors.
The Sensex began at 74,575.24, up 260 points or 0.35 per cent, while the Nifty advanced 64 points or 0.28 per cent to 23,334.70.
Among the sectoral indices, Nifty Metal led the gains, rising 0.76 per cent early in trade, followed by Nifty Realty advancing 0.74 per cent. Nifty Cement and Media indices were also up by 0.55 per cent and 0.47 per cent respectively.
Other sectors such as healthcare, auto, banking, pharma, energy, and FMCG traded in positive territory as well.
Conversely, Nifty IT declined by more than 1 per cent, while Nifty MidSmall IT & Telecom fell 0.40 per cent.
Within the Nifty index, Tata Motors Passenger Vehicles, TCS, Infosys, Tech Mahindra, and HCL Technologies were among the top laggards, dropping up to 3 per cent in morning deals.
Market analysts noted that the US markets showed resilience despite elevated bond yields and expectations of strong corporate earnings, which supported global equities.
They stated, "The underlying strength of the economy is supporting the market which continues to be buoyant, and this strength of the mother market is supporting markets elsewhere."
On the domestic front, experts highlighted that the ongoing boom in the primary market has drawn investor focus towards IPOs and listing gains, resulting in subdued activity in some large-cap stocks in the secondary market.
According to them, "For long-term investors, this is an opportunity. Leading banks, capital goods majors, select automobiles and pharmaceutical stocks provide buying opportunities."
From a technical perspective, the broader market structure remains weak, with the Relative Strength Index (RSI) at 29.95 indicating oversold momentum.
Analysts added, "Immediate support for the Nifty is placed at 23,000-23,150, while resistance is seen at 23,350-23,450. A decisive move beyond the resistance zone could signal a stronger recovery, while a break below support may keep the corrective trend intact."
Foreign institutional investors (FIIs) remained net sellers on Thursday, offloading equities worth Rs 3,208 crore according to provisional exchange data, whereas domestic institutional investors (DIIs) supported the market by purchasing equities worth Rs 3,617 crore.
Overnight on Thursday, US markets ended higher with the S&P 500 closing 1.14 per cent up and the tech-heavy Nasdaq rising 1.69 per cent.
In Asia, Japan's Nikkei gained nearly 2 per cent, Hong Kong's Hang Seng rose almost 1 per cent, and South Korea's KOSPI surged more than 2 per cent.
On the commodities front, international benchmark Brent crude declined 1 per cent to $103.61 per barrel, while US West Texas Intermediate (WTI) fell 0.77 per cent to around $101 a barrel.
