Indian equity markets opened on a positive note on Friday, supported by firm cues from Asian peers. Gains in PSU bank, IT, and auto stocks contributed to the early momentum.
At 9:25 a.m., the BSE Sensex was up 228.15 points, or 0.28%, at 81,590.02. The NSE Nifty also advanced, rising 55.10 points, or 0.22%, to 24,848.35.
In sectoral indices, the Nifty Bank rose by 102.35 points (0.18%) to trade at 55,679.80. However, broader markets showed mixed trends. The Nifty Midcap 100 declined marginally by 16.85 points (0.03%) to 57,143.10, while the Nifty Smallcap 100 slipped 62.50 points (0.35%) to 17,950.60.
Analysts noted that the Nifty has been consolidating within a range of 24,500 to 25,000 over the past month. This trend, they said, is likely to persist unless there is a decisive geopolitical development.
“There is uncertainty surrounding the Israel-Iran conflict. A resolution or sudden end to the war could trigger a breakout on the upside. However, if the war drags on and crude prices rise above $85 per barrel, we may see pressure on the lower end of the range,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Among the top gainers on the Sensex were Bajaj Finserv, UltraTech Cement, Mahindra & Mahindra, SBI, Axis Bank, and Sun Pharma. On the other hand, IndusInd Bank, Bajaj Finance, Tech Mahindra, Kotak Mahindra Bank, and Power Grid Corporation were among the major laggards.
Foreign institutional investors (FIIs) continued their buying streak for the third consecutive session on June 19, with net purchases worth ₹934.62 crore. Domestic institutional investors (DIIs) also remained net buyers, purchasing equities worth ₹605.97 crore on the same day.
Across Asia, markets in Bangkok, Tokyo, Seoul, Hong Kong, and Shanghai were trading in the green. Jakarta was the only major market in the region trading in the red.
Meanwhile, US markets remained closed on Thursday in observance of Juneteenth National Independence Day. In the previous session on Wednesday, the Dow Jones Industrial Average declined by 44.14 points (0.10%) to close at 42,171.66. The S&P 500 ended 1.85 points lower (0.03%) at 5,980.87, while the Nasdaq gained 25.18 points (0.13%) to settle at 19,546.27.
