Indian benchmark indices opened higher on Friday, supported by gains in information technology heavyweights, as investors cheered Tech Mahindra's better-than-expected quarterly performance. According to reports from LiveMint, the Nifty 50 advanced 0.38% to 24,166.50, while the BSE Sensex climbed 0.47% to 77,543.10 in early trade. Market participants remained focused on the ongoing June-quarter earnings season, with Reliance Industries gaining 1.1% ahead of its financial results due after market hours.
The Nifty IT index emerged as the top sectoral gainer, rising 2%, with Tech Mahindra surging 3% after reporting quarterly revenue that exceeded Street expectations. As reported by LiveMint, the strong performance was supported by strong growth in its manufacturing vertical and favourable currency movements stemming from a weaker rupee. In contrast, Wipro slipped 1.7% after missing analysts' earnings estimates and issuing a cautious outlook, signalling that the recovery in demand remains uneven.
Banking heavyweights HDFC Bank and ICICI Bank also traded around 0.7% higher as investors awaited their earnings announcements over the weekend. According to LiveMint, market participants remained focused on the ongoing June-quarter earnings season, with the banking sector showing positive momentum ahead of key results. Sectoral performance was mixed, with eight of the 16 major sectoral indices trading in positive territory.
For the seventh consecutive session, the benchmark index has consolidated within 24,300-23,800 levels, indicating a short-term sideways trend. As reported by LiveMint, the immediate resistance is placed around the 24,200 levels, and any sustainable upmove above the same may lead momentum towards 24,300-24,500 levels. On the downside, violation of the 24,000 level may indicate further weakness towards the 23,800 level. The crucial moving averages have turned flat, signalling a neutral bias.
The Nifty Smallcap and Nifty Midcap indices declined 0.6% and 0.4% respectively, with the broader market underperforming the benchmarks. According to LiveMint, investor sentiment remained guarded amid escalating geopolitical tensions in the Middle East, with Brent crude climbing about 1% to around $85 per barrel after the United States and Iran intensified military action across the Gulf.
