The Indian equity markets opened in the green on Friday despite the rise in the wholesale inflation index and an increase in petrol and diesel prices.
The 30-share BSE Sensex, which closed at 75,398.72 on Thursday, opened at 75,497.10 and was trading at 75,651.28, up 252.56 points or 0.33 per cent, as of 9:25 am.
The broader Nifty 50, which ended the previous session at 23,689.60, opened at 23,731.40 and was trading at 23,765.75, gaining 76.15 points or 0.32 per cent, as of 9:25 am.
According to the latest market data, IT stocks were the major gainers in the morning rally on the Nifty 50 index. Camphor and Allied Products (CAMPV) surged 5.62 per cent, opening at ₹352.00 and trading at ₹357.80.
Major IT companies saw strong gains with Infosys rising 2.58 per cent to ₹1,123.30, Tech Mahindra climbing 2.40 per cent to ₹1,375.70, Tata Consultancy Services (TCS) gaining 2.21 per cent to ₹2,295.60, and HCL Technologies up 2.00 per cent to ₹1,146.50.
On the other hand, metal stocks were among the major losers, with Hindalco declining 2 per cent. Defence and electronics major BEL dropped 0.99 per cent to ₹424.60.
The stock markets, like most Asian indices, are under pressure due to the closure of the Strait of Hormuz, high-yielding US dollar bonds, a strengthening dollar, and rising inflation in imported metals and agricultural products.
Prime Minister Narendra Modi has announced austerity measures in the country to navigate the adverse effects on the economy, while urging citizens to restrict purchases of precious metals for one year.
Also read: Rupee settles at new low of 95.73
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