Domestic benchmark indices Sensex and Nifty opened higher on Friday s amid mixed global cues, as investors awaited the outcome of the Reserve Bank of India's Monetary Policy Committee (MPC) meeting later in the day. Market participants will remain focused on the central bank's policy stance while also assessing the potential impact of the escalating West Asia conflict on India's economy, crude oil prices and the rupee.

At 9:17 am, the BSE Sensex climbed 174.71 points, or 0.23%, to 74,534.72, after rising as much as 357 points in early trade, while the NSE Nifty rose 41.15 points, or 018%, to 23,457.70, briefly touching a high of 23,516.35.

Among Sensex constituents, Infosys gained 1.59% to Rs 1219.75. UltraTech Cement advanced 1.39%, while Tata Consultancy Services (TCS), Tech Mahindra and Bajaj Finserv rose 1.33%, 1.29% and 0.81%, respectively.

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Asian shares & Wall Street

There are signs of weakness in the AI trade in the US, South Korea, and Taiwan, as well as rotation away from tech stocks, but it is too early to say whether this will continue, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

Broader Asian markets traded lower today. Japan’s Nikkei 225 plunged 1.45% to 66,492, while South Korea’s Kospi slumped 3.88% to 8,304.35. Hong Kong’s Hang Seng declined 0.79% to 25,054.69. 

Wall Street ended mostly higher overnight, with two of the three major indices closing in the green. The S&P 500 gained 0.41% to settle at 7,584.31, while the Dow Jones Industrial Average jumped 1.73% to close at 51,561.93. The Nasdaq Composite edged down 0.09% to end at 26,830.96.

“The MPC is likely to hold rates with a guidance of a rate hike later in the year to combat inflation, which is expected to rise in H2 FY27. RBI is likely to revise the GDP growth for FY27 downward and CPI inflation upward in the context of the energy shock and its implications,” Vijayakumar added.

Previous session

In the previous session on Thursday, the Sensex edged up 13.84 points, or 0.02%, to settle at 74,360.01, while the Nifty gained 10.95 points, or 0.05%, to close at 23,416.55.

“For now, the market remains largely driven by global news flow, with geopolitical developments and international market cues continuing to influence short-term direction,” said Gaurav Udani, Founder - ThinCredBlu Securities Pvt Ltd.

“Traders should remain cautious and focus on key levels, as the next meaningful move is likely to emerge from a breakout of the current support-resistance range,” Udani added.