The Indian stock market registered a positive start on the final trading day on Friday. Both the BSE Sensex and NIFTY 50 indices were seen trading higher in early trade. Investors’ confidence increased due to the boom in the market.
The Sensex opened at 75,499.37 with a gain of over 100 points during the opening session. On the other hand, the NIFTY 50 was seen trading at 23,745.10, up nearly 55 points. The market had seen ups and downs in the previous business session, but investors showed buying interest again in the final day of the week, which led to a positive trend in the market.
The biggest strength in the market was recorded in the IT sector. The NIFTY IT index recorded an increase of around 1.5 percent. Shares of IT companies saw a strong recovery after facing pressure in the last few sessions. According to market experts, investors did value buying in large IT stocks after the recent losses, which led to increased buying in the sector and supported the market.
India’s IT sector remains under the influence of global tech demand and US economic cues. Stability in foreign markets and softness in the dollar index also supported the sector.
Along with IT, the auto sector also played an important role in increasing the market momentum. The NIFTY Auto index rose by over 1 percent. According to experts, the festive season, improved sales figures and expectations of increased demand for electric vehicles boosted investor interest in auto companies’ stocks.
The strength in the auto sector signaled that investors are maintaining confidence in domestic demand-driven companies. While the IT and auto sectors rallied, metals and public sector banking stocks registered weakness. NIFTY Metal and NIFTY PSU Bank indices were seen trading under pressure.
Indian markets were also influenced by global economic conditions. Positive signals from the US and European markets bolstered investor sentiment. Also, fluctuations in crude oil prices, US Federal Reserve’s interest rate policy and cues to global inflation were also influencing investors’ strategies.
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