Sensex, Nifty Open Higher on Trade Deal Hopes, Lower Oil
Indian benchmark indices, the Sensex and Nifty, opened firmly in positive territory on Friday, buoyed by optimism over a potential India-EU trade deal and a decline in global crude oil prices.
Key Market Levels
At 9:20 AM, the was trading at 80,248, up 0.55%. The was at 24,400, gaining 0.57%.
Top Gainers and Losers
Top Sensex/Nifty Gainers:
- Power Grid
- NTPC
- Tata Steel
- Reliance Industries
- Larsen & Toubro
Top Sensex/Nifty Losers: HCL Tech, Infosys, TCS, and Wipro.
Sectoral and Broader Market Performance
Sectoral indices showed mixed trends:
- Nifty Metal: Up 1.5%
- Nifty Oil & Gas: Up 1.2%
- Nifty PSU Bank: Up 1%
- Nifty IT: Down 0.5%
The broader market also advanced, with the BSE Midcap and Smallcap indices rising 0.8% and 0.7%, respectively. Market breadth was positive across both BSE and NSE.
Rupee and Global Cues
The Indian rupee opened 5 paise stronger at 83.49 against the US dollar. Globally, Brent crude futures fell 0.3% to $87.29 a barrel, while US West Texas Intermediate crude was down 0.3% at $83.60.
Lower oil prices benefit India, a major net importer of crude.
India-EU Trade Deal Optimism
Market sentiment was further lifted by hopes of a long-pending free trade agreement (FTA) between India and the European Union. Negotiations, which began in 2007 and stalled in 2013, resumed in 2021. Both sides aim to conclude the deal by year-end, a move expected to significantly boost bilateral trade and investment.
The positive opening follows Thursday’s gains, where the Sensex closed 0.69% higher at 79,986 and the Nifty ended 0.67% up at 24,286.
