The domestic equity benchmark indices rebounded to trade higher during the early deals on Friday, led by heavy buying in IT stocks, even as the <a href="https://www.mid-day.com/business/business-news/article/global-crude-oil-prices-surge-over-3-per-cent-to-above-usd-90-per-barrel-mark-amid-west-asia-crisis-23640650" target="_blank" rel="none noopener">elevated crude oil prices</a> made investors cautious.
The stock market is open for trading on Friday, August 28, despite it being Raksha Bandhan.
<h2>Market movement in early deals</h2>
The 30-share BSE Sensex advanced 287.90 points or 0.37 per cent to 77,221.49 in early trade. The 50-share NSE Nifty climbed 44.50 points or 0.18 per cent to 24,135.35 in the initial trade.
"Technically, the Nifty's undertone remains subdued as long as the index trades below 24,300. A sustained close above this level could trigger a recovery towards 24,500, while immediate support is placed at 24,000, followed by 23,900," Rajesh Palviya, Head of Research, Axis Direct said.&nbsp;
Among the Sensex constituents, IT stocks such as Tata Consultancy Services (TCS), Tech Mahindra, Infosys, HCL Tech all traded higher, with their stocks rising over 2.5 per cent in the early deals. Tata Group firm TCS's shares quoted 3.25 per cent higher. Power Grid and Titan were also among the major gainers in the initial trade. Ultra Tech Cement, ICICI bank, Bajaj Finserv, Hindustan Unilever, State Bank of India were the laggards in the initial deals.
<a href="https://www.mid-day.com/business/stock-market/article/sensex-plunges-nearly-540-points-nifty-tanks-over-115-points-amid-global-uncertainties-23646986" target="_blank" rel="none noopener">On Thursday, the benchmark indices extended their losses for the second straight day</a>. The Sensex tanked 539.35 points, or 0.70 per cent, to settle at 76,933.59, while the Nifty shed 116.90 points, or 0.48 per cent, to end at 24,090.85.
<h2>Global cues for the market</h2>
"Asian markets are trading mixed this morning, with the Nikkei gaining 0.61 per cent, while the Kospi is down around 0.8 per cent amid profit-taking in Samsung Electronics and SK Hynix. Brent crude is trading near USD 87 a barrel after touching around USD 84 earlier this week following the Iran-Oman understanding over the Strait of Hormuz," Palviya said.&nbsp;
In Asian markets, South Korea's Kospi quoted lower, while Shanghai's SSE Composite index, Japan's Nikkei 225 and Hong Kong's Hang Seng index all traded higher.
According to news agency PTI, Brent crude, the global oil benchmark, was trading lower by 0.48 per cent at USD at 89.27 per barrel in futures trade, while Foreign Institutional Investors (FIIS) offloaded equities worth Rs 298.26 crore on a net basis on Thursday
"With the Fed Chair's (US Federal Reserve Chairman Kevin Warsh) Jackson Hole speech due tonight and markets pricing in around a 38 per cent probability of a September rate cut, volatility and caution are likely to remain elevated. However, softer crude oil prices could provide some relief and help the Nifty reclaim its recent trading range," he added.
"Brent crude has again surged to above USD 89 since there are no signs of any diplomatic solutions to reopening the <a href="https://www.mid-day.com/news/world-news/article/donald-trump-says-us-military-action-against-iran-may-not-be-over-despite-reopening-of-strait-of-hormuz-23647099" target="_blank" rel="none noopener">Strait of Hormuz</a>. Total lack of clarity on this issue is weighing on the market," V K Vijayakumar, Chief Investment Strategist, Geojit Investments said adding, "Bond yields in the US continue to remain firm following concerns on the inflation front."
(With inputs from PTI)

In the early trade, Sensex advanced 287.90 points or 0.37 per cent to 77,221.49, while the Nifty gained  44.50 points or 0.18 per cent to 24,135.35

Stock market update: IT stocks boost Sensex, Nifty higher in early trade

Centre raises 62,124 crore via divestment, asset monetisation in April to August

The 30-share BSE Sensex advanced 287.90 points or 0.37 per cent to 77,221.49 in early trade. The 50-share NSE Nifty climbed 44.50 points or 0.18 per cent to 24,135.35 in the initial trade

IT stocks boost Sensex, Nifty higher in early trade; Sensex up 287.90 points

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Stock Market / Article / IT stocks boost Sensex, Nifty higher in early trade; Sensex up 287.90 points