Sensex jumps over 700 points, Nifty tops 24,160 as IT stocks lead market rally

On Friday, Indian benchmark equity indices opened significantly higher, following gains in global markets driven by a chip‑stock rally that lifted investor sentiment, with information technology shares leading the advance.

In early trading, the Sensex rose 701.73 points, or 0.91%, to 77,443.55, while the Nifty climbed 200.85 points, or 0.84%, reaching 24,162.25.

Experts noted that, from a technical perspective, the Nifty’s immediate resistance lies in the 24,100–24,200 zone.

“If the index sustains a breakout above this band, market sentiment could improve and pave the way for a move toward the 24,400 level,” the expert said.

“On the downside, the 23,900 level acts as immediate support, with the 23,800 mark next. A clear break below 23,800 could intensify selling pressure and push the index toward the 23,600 area,” the analyst added.

The advance was paced by information technology stocks, notably Tech Mahindra, HCLTech and Tata Consultancy Services, which ranked among the top gainers on the Nifty.

The upbeat sentiment spilled over to the wider market, with the Nifty MidCap index adding roughly 0.7% and the Nifty SmallCap index rising about 0.6% in early trade.

Sector‑wise, the Nifty IT jumped almost 3% to lead the pack, buoyed by strong technology‑stock gains. The Nifty Metal and Nifty Consumer Durables indices also posted solid gains.

Conversely, defensive sectors lagged, as the Nifty Pharma and Nifty Healthcare indices recorded the sharpest drops in the early session.

Analysts said market sentiment stayed buoyant following a global‑equity rally fueled by chip‑related strength, which boosted investor confidence and encouraged buying in domestic stocks.

“While tensions in West Asia persist with no clear resolution to the geopolitical crisis, markets are largely brushing aside these negative developments,” remarked a market expert.