Stock Market: Sensex Rises Over 200 Points, Nifty Trades Above 18,350. IT Stocks Lead

Stock update: On the 30-share Sensex platform, Reliance, TechM, Wipro, UltraCemco, Maruti, Infosys, M&M were among the lead gainers

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.3 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Friday are trading in the green, tracking overnight strength in the US markets. At 9.50 am, the BSE Sensex went up by 213 points to 62,086. On the other hand, the NSE Nifty50 was trading at 18,371, up 51 points.

On the 30-share Sensex platform, Reliance, TechM, Wipro, UltraCemco, Maruti, Infosys, M&M were among the lead gainers. On the flipside, PowerGrid, Airtel, Axis Bank, HDFC twins, ICICI Bank, Indusind Bank emerged losers.

#ABPLiveStockMarketWatch | Sensex and Nifty on Friday opened with nominal gains.

At 09:42 AM, #Sensex went up by 184 points to 62,057 & #Nifty by 49 points to 18,370

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/Y6jsmyBdTU

— ABP LIVE (@abplive) May 26, 2023

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.3 per cent.

Sectorwise, IT, Metal, and PSB indices gained most, while Pharma pocket underperformed.

In the previous session on Thursday, the S&P BSE Sensex ended at 61,873, up 99 points, on the other hand, the Nifty50 settled at 18,321, up 36 points.

"Amidst the winds of optimism blowing in the market, Nifty bulls strive to seize the baton of positivity from yesterday's robust rebound. As the market mood improves, fuelled by Nasdaq and S&P 500's rally and the influx of buyers at Dalal Street, we find ourselves cautiously optimistic. However, amidst this prevailing optimism, we must be wary of the unresolved US debt ceiling," Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd, said in his pre-market opening quote.

In Asian markets, Seoul and Tokyo traded in the green, while Shanghai quoted lower. The US market ended mostly with gains on Thursday.

Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought equities worth Rs 589.10 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.26 per cent to $76.06 a barrel.

Meanwhile, the rupee gained 5 paise to 82.67 against the US dollar in early trade on Friday supported by foreign fund inflows and a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range amid strengthening of the US dollar.

At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar, then rose to 82.67, registering a gain of 5 paise over its previous close. On Thursday, the rupee closed at 82.72 against the US currency.