Indian benchmark indices opened higher on Friday, October 23, rebounding after three straight sessions of losses, with information technology stocks leading the recovery even as a spike in oil prices on escalating West Asia tensions threatened to cap the gains, according to The Hindu BusinessLine's live market coverage.
Source: The Hindu BusinessLine
The BSE Sensex, which had closed at 73,249.39 on Thursday, opened at 73,665.64 and was trading at 73,536.79 at 9:21 am, up 287.40 points or 0.39 per cent. The NSE Nifty 50, which had closed at 22,687.65, opened at 22,742.20 and was at 22,711.20, up 23.55 points or 0.10 per cent, at the same time.
TCS topped the Nifty 50 gainers, rising 3.71 per cent to ₹2,600 from a previous close of ₹2,506.90. Infosys added 2.48 per cent to ₹1,182 and HCL Technologies gained 1.92 per cent to ₹1,449. Bharti Airtel rose 1.03 per cent and Reliance Industries added 0.95 per cent.
On the losing side, Hindalco shed 2.47 per cent to ₹863.75, Tata Steel fell 1.49 per cent and Adani Enterprises slipped 1.49 per cent. Broader markets lagged, with midcap and smallcap indices declining in early trade, DSIJ's opening-bell report noted.
Source: DSIJ
Traders warned the rebound could prove fleeting: crude oil has spiked on West Asia tensions, and India imports most of its crude, so sustained high oil prices raise input costs and inflation risks for companies and the wider economy.
Investors were also tracking a heavy day of second-quarter results and the final day of subscription for the Jio Platforms IPO, which kept primary-market activity in focus alongside the secondary-market rebound.