Nifty Opens Slightly Higher: Sensex Rises 130 Points, Nifty Above 23,700; IT and Auto Stocks Gain
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Markets Today: Nifty IT emerges as the top sectoral gainer, rising over 1%, supported by buying in tech heavyweights such as TCS, Infosys and HCL Tech.
Stock Market Updates Today.
Indian benchmark indices opened on a muted but positive note on Thursday, with broader markets showing relative strength even as banking stocks remained under pressure. The Nifty 50 was trading up by 35 points to trade at around 23,733, while the Sensex rose 130 points to 75,528 in opening trade.
The market mood remained cautious despite gains in IT, auto and broader market indices. Investors continued to track crude oil prices, rupee movement and institutional flows amid lingering geopolitical uncertainty.
Among frontline indices, Nifty IT emerged as the top sectoral gainer, rising over 1%, supported by buying in tech heavyweights such as TCS, Infosys and HCL Tech. Nifty Auto also gained 0.82%, indicating selective buying in automobile stocks.
Broader markets outperformed benchmark indices. Nifty Midcap 100 rose 0.29%, while Nifty Smallcap 100 gained 0.23%. The Nifty Microcap 250 index climbed 0.38%, suggesting continued risk appetite in the broader market space despite volatility concerns.
However, banking and financial stocks capped gains. Nifty Bank slipped 0.19%, while PSU Bank index fell 0.46%. Private banks were also weak, with the Nifty Private Bank index down 0.08%. Weakness in SBI, Axis Bank and Kotak Bank weighed on sentiment.
Metal stocks also traded under pressure, with Nifty Metal down marginally despite gains in select counters. Oil & Gas stocks remained subdued as investors monitored global crude trends.
India VIX, the market’s fear gauge, declined over 1% to around 18.42, indicating slightly lower volatility expectations after recent sharp swings.
On the stock-specific front, Adani Ports, TCS, Infosys, HCL Tech and Power Grid were among the top Sensex gainers in early trade. On the other hand, SBI, Reliance Industries, Axis Bank and UltraTech Cement were among the major laggards.
Ponmudi R, CEO of Enrich Money, said Indian markets are likely to remain cautious but relatively stable as crude oil prices have cooled below the $100 per barrel mark.
“Crude oil prices have slipped below the psychologically important $100 mark and are currently trading in the $97-98 per barrel range. However, geopolitical uncertainty and global risk sentiment continue to remain key variables for the market,” he said.
He added that the rupee continues to remain under pressure above the 95.7 level against the US dollar, which remains a concern for imported inflation and external stability.
According to him, FIIs turning net buyers in the previous session provided short-term support to sentiment, although sustained institutional inflows would be crucial for a stronger recovery in equities.
Fuel prices across India witnessed a hike on May 15, with petrol and diesel rates increasing by up to Rs 3.60 per litre across cities amid elevated global crude oil prices and supply concerns linked to the ongoing West Asia crisis.
Diesel in Delhi will cost 90.67 rupees a litre and petrol 97.77 rupees, reflecting increases of 3.4% and 3.2%, respectively, from 87.67 rupees and 94.77 rupees a litre.
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