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Mumbai, 3 July. The Indian stock market started trading on a strong note on Friday. The Sensex opened at 78,152.34 with a gain of 650.22 points (0.84%) in early trade on the basis of positive signals from global markets and strong buying in IT stocks. At the same time, Nifty 50 also rose by 199.95 points (0.83%) to reach the level of 24,375.65.

The maximum growth in initial business was seen in the IT sector. Nifty IT index was the top performing sector with a gain of nearly 2 per cent. Apart from this, Nifty Metal, Pharma, Healthcare, Commodities, Realty, FMCG, Media, India Defence, Services and Financial Services indices were also seen trading in the green. However, slight weakness was recorded in Nifty PSU Bank and Energy indices.

These shares had the highest rise

Major Sensex gainers included HCL Tech, Tech Mahindra, Tata Steel, TCS, Bajaj Finserv, Infosys, BEL, Bharti Airtel, UltraTech Cement, Trent, Hindustan Unilever, ICICI Bank, Maruti Suzuki, HDFC Bank, L&T, Eternal and Bajaj Finance. At the same time, shares of IndiGo, Axis Bank, Kotak Mahindra Bank, SBI, Mahindra & Mahindra (M&M) and NTPC remained under pressure in early trade.

Received support from Asian markets

A positive trend was also seen in Asian markets on Friday. Major indices of Tokyo, Shanghai, Hong Kong, Bangkok, Seoul and Jakarta were trading with gains. On the other hand, US stock markets closed with mixed sentiment on Thursday. The Dow Jones Industrial Average closed up 1.14 per cent, while the technology-based Nasdaq fell 0.80 per cent.

What did experts say on the market boom?

Market experts say that reduction in selling by foreign investors, improvement in global cues and buying in IT stocks have strengthened the Indian market. However, he believes this rally will prove sustainable only if it is supported by strong economic and corporate fundamentals. According to experts, crude oil prices coming closer to pre-war levels is a big positive sign for the Indian economy and stock market, as it may reduce the pressure on inflation and import costs.

FII and DII stance

On Thursday, foreign institutional investors (FIIs) sold equities worth Rs 311.82 crore. At the same time, domestic institutional investors (DIIs) gave strong support to the market by buying equity worth Rs 1,784.40 crore.