Mumbai, Oct 9: Indian equity markets opened higher on Friday, supported by strong buying in information technology (IT) stocks following an announcement by the US government regarding the Permanent Labor Certification Program (PERM).
The BSE Sensex opened at 71,776.67, gaining 183.43 points, or 0.26 per cent. The NSE Nifty 50 started the session at 22,314.95, up 83.15 points, or 0.37 per cent.
The IT sector emerged as the biggest early gainer, with the Nifty IT index rising more than 3 per cent to 28,604.75. The Nifty MidSmall IT & Telecom index also advanced over 2 per cent to 9,825.85. Buying interest extended to FMCG, media, healthcare, real estate and private banking stocks, which gained up to 1 per cent in early trade.
Despite the positive opening, market sentiment remained cautious due to elevated crude oil prices, high US bond yields and continued foreign investor outflows. Ongoing tensions in the Middle East and weakness in US technology stocks also weighed on investor confidence.
Foreign institutional investors (FIIs) sold equities worth ₹12,943 crore on Thursday, while domestic institutional investors (DIIs) provided support by purchasing shares worth ₹10,703 crore. FIIs have offloaded equities worth ₹36,210 crore through exchanges in October so far, adding pressure to domestic market benchmarks.
Market participants expect foreign fund flows, crude oil movements and global bond yields to remain important factors influencing near-term market direction. Continued selling by overseas investors has also increased pressure on large-cap stocks, even where valuations appear relatively attractive.
From a technical perspective, analysts are closely monitoring the Nifty’s support near the 22,050 level, while the 22,290–22,350 range remains an important resistance zone. A sustained move above this range could open the way towards 22,440–22,600, while further weakness may expose the index to additional downside risks.
The market’s positive opening reflects renewed buying interest in IT stocks, but broader sentiment remains vulnerable to global uncertainties and persistent foreign investor selling. For long-term investors, market corrections may present opportunities to evaluate fundamentally strong companies, although investment decisions should account for volatility and individual risk tolerance.
