Sensex opened over 500 points higher on Friday, while the Nifty climbed above the 23,900 mark, led by gains in IT stocks. TCS rose 1.64%, while Infosys gained 1.34%. Tech Mahindra, HCL Technologies and other technology stocks were also among the top gainers.
On the BSE, Bajaj Finserv was the biggest gainer among major stocks, rising 1.68%, followed by TCS at 1.64% and Tech Mahindra at 1.57%. IndiGo, Reliance Industries, HDFC Bank and Trent were among the other notable gainers.
The gains were broad-based, with financial, automobile and energy stocks also trading higher. Bajaj Finance rose 0.90%, HDFC Bank gained 1.04%, while Reliance Industries was up 1.34%. Maruti Suzuki, State Bank of India and Power Grid also opened in positive territory.
The strong opening came despite concerns over rising global bond yields, which have emerged as a key headwind for equity markets. Investors are also tracking domestic economic indicators for signs of sustained growth and a recovery in private investment.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the latest CMIE data showing a 97% surge in private investment in the first quarter of FY27 compared with the year-ago period points to a sharp turnaround in capital expenditure.
“After a long time, private capex is improving and this bodes well for economic growth, going forward,” Vijayakumar said.
However, he cautioned that rising bond yields globally could weigh on equity markets. The US 10-year yield is hovering around 4.8%, while Japan’s 10-year yield has reached a 30-year high of 3% and the UK’s 30-year yield is at 6%. India’s 10-year government bond yield is also close to 7%.
According to Vijayakumar, higher yields could make fixed-income investments more attractive, while the possibility of capital outflows from emerging markets could add further pressure on equities.
At the same time, he said positive domestic indicators, including GST collections, automobile sales and credit growth, are providing support to the Indian market.
“This complex macro construct of positive and negative factors will keep the market volatile in the near-term,” Vijayakumar said.
