Indian Indices Open Higher Led by IT Stocks, While Brent Crude at $114 and Global Selloff Cap Gains

Indian equity markets opened higher on Friday morning, attempting a recovery despite a fragile global sentiment driven by a technology-led selloff across Wall Street and Asia. At 9:21 am, the Sensex was trading up 287.40 points, or 0.39 per cent, at 73,536.79, after opening at 73,665.64 compared to its previous close of 73,249.39. The Nifty 50 opened at 22,742.20 and traded at 22,711.20, up 23.55 points or 0.10 per cent.

The morning rebound was spearheaded by information technology stocks, reversing a 1.1 per cent sectoral decline from the previous session. TCS led the Nifty 50 gainers, climbing 3.71 per cent to ₹2,600. Infosys rose 2.48 per cent to ₹1,182, and HCL Technologies advanced 1.92 per cent to ₹1,449. Other notable gainers included Bharti Airtel, up 1.03 per cent at ₹1,914.60, and Reliance Industries, which added 0.95 per cent to reach ₹1,195.80.

Conversely, metals and auto sectors faced downward pressure. Hindalco was the leading Nifty 50 loser, shedding 2.47 per cent to ₹863.75, while Tata Steel and Adani Enterprises both fell 1.49 per cent to ₹169.76 and ₹2,512 respectively. TMPV declined 1.15 per cent to ₹266.90, and HDFC Life dropped 1.15 per cent to ₹522.30.

Global macroeconomic headwinds weighed heavily on market sentiment. Brent crude hovered near $114 per barrel—close to a five-month high—following overnight attacks on seven oil tankers in West Asia. WTI crude traded near $99 per barrel. Concurrently, US markets experienced a sharp downturn as the Nasdaq plunged 2.6 per cent amid AI-related spending concerns and cybersecurity restrictions on AI agents by US banks. Asian markets followed suit, with Japan's Nikkei falling about 1.7 per cent and South Korea's KOSPI dropping over 3 per cent.

Institutional activity in the previous session showed foreign institutional investors (FIIs) as net sellers of ₹3,459 crore, while domestic institutional investors (DIIs) partially offset the pressure with net purchases of ₹2,891 crore. Observers noted that over ₹3 lakh crore of IPO money is expected to return to the system following allotment completions, potentially providing a liquidity catalyst for the market.

From a technical standpoint, the Nifty faces immediate resistance at 22,860, with support pegged between 22,600 and 22,550. Bank Nifty closed its previous session at 54,925.70, with resistance levels identified between 55,000 and 55,200, and support ranging from 54,600 to 54,400.

"The current market behavior reflects a delicate balance between domestic liquidity inflows and strong external macroeconomic pressures. While the rebound in IT stocks and upcoming liquidity surges provide short-term stability, rising crude prices near $114 per barrel and global tech selloffs demand caution. Investors and entrepreneurs must remain focused on fundamental valuations, especially in volatile periods where external shocks can rapidly shift market sentiment." — Dr. Shishir Gupta, Founder & CEO, StartupLanes