Indian equity benchmarks opened higher on Friday, July 3, the final trading session of the week, supported by positive global cues and b buying in information technology stocks.
The Nifty 50 opened 199 points higher at 24,375, while the Bank Nifty opened 311 points higher at 58,343. The Sensex also opened 650 points higher at 78,152.
The IT sector led the early gains, with the Nifty IT index trading more than 2.5 percent higher during early trade as broad-based buying supported the market.
The Nifty 50 opened around 199 points higher at 24,375, the Sensex rose about 650 points to 78,152, and the Bank Nifty began trading around 311 points higher at 58,343.
According to market experts, positive global market conditions and improved business performance by domestic companies increased investor confidence, which was reflected in early trading.
Information technology stocks remained the primary driver of the market's gains. IT shares witnessed b buying for the second consecutive trading session, lifting the Nifty IT index by more than 2.5 percent. HCLTech, Tech Mahindra, Wipro and TCS were among the leading gainers in the sector. The rally was supported by an improvement in the global technology sector and positive cues from overseas markets.
International market signals also supported the domestic market. Positive trading in Dow Futures and Asian markets boosted investor sentiment. Globally, investors remained focused on the US economic outlook, the potential direction of interest rates and the monetary policy stance of major central banks. These developments also influenced the Indian market.
During early trade, 43 of the 50 Nifty 50 constituents traded in positive territory, while seven stocks declined. HCLTech, Hindalco, Tech Mahindra, Wipro and TCS were among the top gainers. Adani Enterprises, Tata Motors, Adani Ports, NTPC and State Bank of India (SBI) were among the stocks trading with limited losses.
Several stocks remained in focus following first-quarter (Q1) business updates and corporate announcements. Punjab National Bank (PNB) reported growth of more than 10 percent in its global business. The bank's total global business increased to nearly Rs 30 lakh crore, while domestic business also recorded notable growth.
Central Bank of India reported growth in both deposits and total business. The bank also reported double-digit growth in total business. Hindustan Zinc reported higher mined metal and saleable metal production during the first quarter, supporting positive sentiment in metal stocks.
