The Indian equity market opened higher for the second consecutive session on Thursday, with benchmark indices advancing in early trade amid positive global cues and b buying in information technology (IT) stocks. The Nifty 50 traded above the 24,100 mark, while the BSE Sensex recorded a notable gain during the opening session.
According to market experts, b investor interest in the IT sector, along with buying in select banking and corporate stocks, supported market sentiment in early trade. Investors are also tracking global economic indicators, corporate updates and the activity of foreign investors.
At the opening of trade, the Nifty 50 was trading about 117 points higher above the 24,100 level. The BSE Sensex rose around 387 points to approximately 77,310. The early gains in both benchmark indices indicated continued investor participation, particularly in sectors that have recently reported solid corporate performance.
Information technology stocks emerged as the primary driver of Thursday's market advance. The Nifty IT Index surged about 3.37% in early trade, providing support to broader market sentiment. Buying in the sector was led by the country's major technology companies. Expectations of an improvement in global technology demand and positive investor sentiment ahead of upcoming quarterly results supported the sector's gains.
Most Nifty 50 constituents traded in positive territory during the opening session. Around 36 stocks advanced, while 13 stocks traded lower.
The leading gainers included Infosys, HCL Technologies, Tata Consultancy Services (TCS), Tech Mahindra and Eternal.
Strong buying in these companies played a significant role in lifting the IT index during early trade.
Despite the broader market gains, some major stocks witnessed profit booking during the opening session.
The stocks trading under pressure included NTPC, Bajaj Finance, Power Grid Corporation, Trent Limited and ONGC.
According to analysts, the decline in these stocks may primarily be the result of profit booking and sector-specific activity.
Several companies witnessed active trading following corporate announcements and quarterly business updates.
Stocks in focus included Punjab & Sind Bank, Indian Bank, South Indian Bank, Tamilnad Mercantile Bank, Ashiana Housing, V-Mart Retail, V2 Retail, Force Motors, NMDC, Coal India, Lupin, Bharti Airtel and CSM Technologies.
Operational updates, business expansion, production figures and regulatory announcements related to these companies remained key areas of investor focus.
