Bullish sentiment gripped Dalal Street as the Indian stock market opened higher on Friday, the final trading day of a rollercoaster week, thanks largely to a spirited rally in IT counters. Sensex opened at 81,455, up 260 points from Thursday’s close, while Nifty started at 24,855, marking a 85-point gain and entering oversold recovery mode.
Technology leaders such as Infosys, TCS, and LTIMindtree spearheaded the advance, each gaining over 2.5% on strong volume spikes. Positive analyst upgrades and better-than-expected US tech results overnight fueled the momentum, helping the sector index climb 2%. This countered weakness in metals and energy amid fluctuating global commodity prices.
Advance-decline ratio stood healthy at 2:1, with buying evident across largecaps and select midcaps. FMCG and pharma also chimed in positively, driven by rural recovery hopes. FIIs registered minor purchases worth ₹500 crore, reversing recent outflows, while DIIs continued their supportive buying streak.
Experts highlight seasonal tailwinds from festival demand and portfolio rebalancing as catalysts. ‘IT’s resilience underscores its safe-haven status in uncertain times,’ said a veteran market strategist. However, elevated P/E ratios and Q3 guidance from IT firms will test this rally’s longevity.
With markets closed Monday for a holiday, today’s close carries extra weight. Sustained trade above 81,500 on Sensex could trigger short-covering, propelling indices toward record peaks. Investors remain watchful of rupee-dollar moves and weekend news flows.