Mumbai, Aug 21 (SocialNews.XYZ) Indian equity benchmarks opened higher for a second straight session on Friday, extending their recovery from recent losses with gains led by realty, metal and pharmaceutical stocks amid elevated crude oil prices.
Sensex started the session jumping 163.35 points or 0.21 per cent to 77,701.07, while Nifty opened 52.20 points or 0.22 per cent higher at 24,284.05.
Sectorally, Nifty Realty was top gainer in early trade and rose 0.7 per cent, followed by Nifty Metal at 0.48 per cent and Nifty Pharma at 0.32 per cent. Nifty MidSmall Healthcare and Nifty REITS & Realty also were trading in green zone and gained 0.32 per cent and 0.28 per cent, respectively.
In contrast, Nifty IT index was biggest laggard and declined 0.6 per cent, followed by MidSmall IT & Telecom at 0.17 per cent and Nifty Auto which slipped 0.19 per cent.
However, analysts cautioned that the previous session's rally may struggle to sustain amid rising crude prices and higher US bond yields.
Brent crude approaching $94 per barrel and renewed pressure from US yields could weigh on large-cap stocks and trigger profit booking, they said.
At the same time, the broader market is expected to retain momentum, supported by institutional buying and improving fundamentals.
Analysts further noted that NBFCs remain on a strong footing while digital platforms, pharma and CDMO stocks continue to attract buying interest despite elevated valuations, adding that the market is likely to remain rangebound as long as crude prices stay elevated.
“Technically, Nifty formed a bullish Doji after seven consecutive sessions of decline, indicating easing selling pressure. The index could move towards 24,317-24,380 and subsequently 24,400-24,545, provided it sustains above the 24,060-24,000 support zone,” according to the experts.
In Asian markets, major indices were trading lower following Wall Street's weakness as longer-term US Treasury yields rose.
Furthermore, crude oil prices also traded higher with Brent crude trading at $93.96 per barrel after US Treasury Secretary Scott Bessent indicated that Washington could impose some of the most stringent sanctions on Iran which raised concerns about potential supply disruptions.
Source: IANS
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