IT stocks lead Sensex, Nifty higher as global tech rally lifts sentiment

Markets opened on a firm note on Friday, with benchmark indices gaining ground on the back of a strong overnight rally in global technology stocks, easing geopolitical fears, and stabilising crude oil prices.

The BSE Sensex, which closed the previous session at 76,741.82, opened at 77,395.63 and was trading at 77,449.64, up 707.82 points or 0.92 per cent, as of 9.20 am. The NSE Nifty 50, which ended Thursday at 23,962.80, opened at 24,124.70 and climbed to 24,164.85, a gain of 202.05 points or 0.84 per cent.

Information technology stocks dominated early gains on the Nifty 50. Tata Consultancy Services (TCS) was the top gainer, rising 3.68 per cent to ₹2,124.90 from a previous close of ₹2,049.50. Infosys gained 3.46 per cent to trade at ₹1,087.20 against its previous close of ₹1,050.80. Tech Mahindra advanced 3.32 per cent to ₹1,473.60, while HCL Technologies rose 3.29 per cent to ₹1,188.20. Wipro added 2.51 per cent to ₹177.10.

The rally in IT stocks came on the heels of a surge in US semiconductor shares overnight. “Global risk sentiment improved after a strong overnight rally in US semiconductor stocks lifted optimism across the technology sector,” said Ponmudi R, CEO of Enrich Money, a SEBI-registered trading and wealth-tech firm. The Nasdaq advanced 1.30 per cent, the S&P 500 rose 0.81 per cent, and the Dow Jones gained 0.27 per cent.

Geopolitical tensions in West Asia, while still unresolved, appeared to have a limited impact on markets. “Tensions in West Asia continue without any clarity of a resolution to the geopolitical crisis. However, interestingly, markets are largely ignoring these negative developments,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments. Crude oil prices stabilised between $71 and $72 per barrel after retreating from recent highs near $76, providing additional support to market sentiment.

On the losing side, pharmaceutical and telecom stocks faced pressure. Dr Reddy’s Laboratories was the biggest decliner among Nifty 50 stocks, falling 1.86 per cent to ₹1,238.00 from a previous close of ₹1,269.50. Bharti Airtel slipped 0.64 per cent to ₹1,918.80. Sun Pharmaceutical Industries declined 0.44 per cent to ₹1,930.10. Max Healthcare Institute dipped 0.25 per cent to ₹1,098.50, and Cipla edged down 0.23 per cent to ₹1,438.00.

Despite the drag in pharma, Vijayakumar noted selective resilience in the sector. “Select pharmaceuticals and digital platform companies are exhibiting strength, indicating good Q1 numbers. In these segments there are buy on dips opportunities,” he said.

Technically, analysts flagged critical levels for the session. “The index needs to decisively close above the 24,200–24,300 resistance zone to revive bullish momentum,” said Rajesh Palviya, Head of Research at Axis Direct, adding that a break below 23,800 could trigger further weakness toward the 23,600–23,500 zone.

Kotak Securities’ Head of Equity Research, Shrikant Chouhan, cautioned that range-bound trade may persist. “As long as the market trades below these levels, the range-bound trend is expected to persist. A decisive move above 24,150 could trigger a quick rally towards the 24,250–24,350 zone,” he said. The firm placed Sensex support between 76,700 and 76,300, with resistance at 77,400.

From a broader market perspective, analysts remained constructive heading into the earnings season. “From the domestic perspective, there are no major headwinds for the economy now. Broadly, financials and automobiles will remain strong anticipating good Q1 numbers,” Vijayakumar added.

The India VIX, a measure of market volatility, declined 8.97 per cent to 13.36, signalling improving comfort among participants. Gift Nifty was trading at 24,140 ahead of the open, up 146 points, indicating a positive start for domestic equities.