Mumbai, July 31: Indian equity benchmark indices opened on a positive note on Friday, tracking strong global cues and sustained buying by foreign institutional investors (FIIs). Gains in financial, pharmaceutical, and automobile stocks supported the market’s upward momentum during early trade.
The Sensex opened 70.51 points higher at 77,998.66, while the Nifty 50 climbed 44.30 points to 24,361.45.
Among the sectoral indices, Nifty Financial Services Ex-Bank led the gains with an increase of nearly 1 per cent. Pharma, auto, healthcare, metal, and PSU bank stocks also traded firmly in the green, reflecting broad-based buying across key sectors.
In contrast, information technology stocks remained under pressure, with the Nifty IT index falling around 3 per cent. The Nifty MidSmall IT & Telecom index also declined, while FMCG stocks witnessed marginal selling.
Market experts attributed the positive opening to encouraging global market trends and continued foreign fund inflows into Indian equities. They noted that while global markets, particularly technology stocks, have experienced heightened volatility in recent weeks, India’s market fundamentals remain relatively strong.
According to analysts, reasonable valuations in large-cap stocks, resilient economic growth, and sustained investor confidence continue to make India an attractive investment destination despite global uncertainties.
Adding to the positive sentiment, foreign institutional investors have remained net buyers, purchasing equities worth Rs 7,360 crore over the last three trading sessions.
Meanwhile, international crude oil prices declined, with Brent crude slipping nearly 2 per cent to $85.27 per barrel and WTI crude falling more than 2 per cent to $81.60 per barrel, easing concerns over inflationary pressures.
Asian markets traded mostly higher, led by strong gains in Japan’s Nikkei and South Korea’s Kospi, while Wall Street ended the previous session on a firm note, providing further support to investor sentiment.
Market participants will continue to monitor corporate earnings, global economic developments, and foreign investment flows for further direction in the coming sessions.