Mumbai, Aug 28: Indian stock markets opened higher on Friday, helped by gains in information technology stocks. Investors remained cautious as they waited for comments from US Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium.
The Sensex gained 193.02 points, or 0.25 per cent, to trade at 77,126.61 in early trading. The Nifty 50 rose 33.80 points, or 0.14 per cent, to 24,124.65.
IT stocks were among the biggest gainers in early trade. Tech Mahindra, Tata Consultancy Services (TCS) and Infosys were some of the better-performing stocks on the Nifty.
The broader market also started positively. The Nifty MidCap index rose 0.03 per cent, while the Nifty SmallCap index gained 0.16 per cent.
Among sectoral indices, the Nifty IT index rose more than 1 per cent. The Metal and Media indices also traded higher. Meanwhile, Private Bank and Financial Services stocks remained weaker.
Investors are closely watching the Jackson Hole meeting for signals on US interest rates. Any change in expectations about the Federal Reserve’s monetary policy could affect markets globally.
On the technical front, 24,000 and 23,800 are seen as important support levels for the Nifty. On the higher side, 24,200 and 24,300 could act as resistance.
Analysts are also keeping an eye on the 24,025 level. A fall below this level could put pressure on the index, while 24,378 remains an important level on the upside.
Meanwhile, rising crude oil prices and uncertainty around the Strait of Hormuz continue to weigh on investor sentiment. Brent crude has moved above $89 per barrel, adding to concerns in global markets.
With investors tracking US interest-rate signals, crude prices and geopolitical developments, the domestic market is expected to remain cautious and volatile during the session.