Indian equity benchmarks opened higher in the final trading session of the week on Friday, July 17, with both the BSE Sensex and NSE Nifty 50 starting the day in positive territory.
In early trade, buying in information technology stocks led the market gains, while automobile, private banking and financial services shares also traded higher.
Shortly after the opening bell, the Nifty 50 crossed the 24,200 level, while the Bank Nifty also traded firmly. The Indian market remained positive despite weakness across global markets.
The information technology sector emerged as the primary driver of the market's advance. The Nifty IT Index rose by around 2%, making it one of the day's top-performing sectoral indices. The gains were led by Tech Mahindra, HCL Technologies, Infosys and Tata Consultancy Services (TCS). According to analysts, ber quarterly results and improved business indicators supported investor sentiment.
Tech Mahindra shares advanced by around 3% during early trade after the company reported better-than-expected revenue and operating margin for the first quarter of the financial year. The company also reported large deal wins, strengthening investor confidence in its revenue and profitability prospects for the coming quarters.
According to market experts, if the company maintains a b order book in the coming months, its performance within the IT sector could continue to attract investor interest.
Jio Financial Services shares rose by around 5% following the company's quarterly financial results. The results reinforced market expectations, prompting active buying in the stock. The market also remained positive on the company's expansion in financial services and its future growth plans.
Apart from the IT sector, buying was also seen in automobile, private banking and financial services stocks, supporting broader market gains. Expectations of b domestic investment and improved corporate earnings also contributed to sentiment across these sectors.
The Indian market outperformed despite weakness in most Asian markets. Japan's Nikkei Index traded with sharp losses, while the Hang Seng and Shanghai Composite also remained under pressure. According to analysts, the Indian market was supported by the country's b economic fundamentals, continued participation by domestic investors and expectations of improving corporate earnings despite pressure in global markets.
In early trade, most Nifty 50 constituents were trading higher. Market breadth also remained positive, indicating broad-based investor participation across sectors. Among the top gainers were Jio Financial Services, HCL Technologies, Infosys, Tech Mahindra and Tata Consultancy Services (TCS).
