In a relief rally, the Indian share market opened higher on Friday after suffering continuous losses throughout the week. Nifty 50 started the day up 75 points at 24,078, with Sensex adding 280 points.
Investors welcomed the breather following a sharp correction that saw the Nifty plunge over 700 points from its peak. Geopolitical risks and FII outflows had triggered widespread panic selling.
Friday’s upbeat start reflects improved risk appetite, fueled by dip-buying in blue-chip stocks and short-covering. IT majors like Infosys and TCS reversed early losses, while PSU banks extended gains.
‘Bargain hunters stepped in at attractive levels,’ observed a market veteran. Rupee’s mild recovery against the dollar also aided sentiments.
Looking ahead, focus shifts to macroeconomic indicators and global central bank moves. While today’s open instills optimism, experts advise against complacency given lingering uncertainties. A firm close could pave the way for next week’s recovery.