Mumbai: Domestic equity markets opened higher on Friday, with benchmark indices gaining around half a per cent, supported by buying in IT and auto stocks despite weak global market cues.

The Sensex climbed 363 points, or 0.47 per cent, to trade at 77,550, while the Nifty 50 gained 100 points, or 0.43 per cent, to reach 24,176 in early trade.

IT and Auto Stocks Drive Market Gains

Sector-wise, IT stocks led the rally, with the Nifty IT index rising nearly 2 per cent. The Nifty Auto index gained 0.83 per cent, while the Nifty Private Bank index advanced 0.42 per cent.

The Nifty Oil & Gas and Nifty PSU Bank indices also traded marginally higher during the morning session.

However, pharma and healthcare stocks remained under pressure. The Nifty Pharma index declined more than 1 per cent, while the Nifty Healthcare index also slipped around 1 per cent.

Analysts Expect Range-Bound Movement

Market analysts said Indian equities may remain range-bound as concerns over a weakening rupee, continued foreign institutional investor (FII) selling and weak global signals continue to impact investor sentiment.

However, strong domestic institutional buying, stable technical indicators and support levels around the 24,000-24,100 zone are expected to provide stability to the market.

Investors are also keeping an eye on the upcoming June-quarter earnings of major private banks for further market direction. Analysts suggested a stock-specific approach and buying on dips until a clear breakout emerges.

Global Markets Remain Under Pressure

On the commodities front, Brent crude oil rose 1.48 per cent to $85.48 per barrel, while US West Texas Intermediate (WTI) crude increased 1.60 per cent to $80 per barrel.

Asian markets traded lower, with Japan’s Nikkei falling over 4 per cent, Hong Kong’s Hang Seng declining around 2 per cent, and China’s Shanghai Composite dropping more than 1 per cent.

US markets also ended lower overnight, with the S&P 500 declining 0.51 per cent and the Nasdaq falling 1.47 per cent.