Market opening: SENSEX rises 138 points, NIFTY50 above 26,100 as IT stocks rally, Infosys, Tech Mahindra top gainers

The Indian stock market opened on a mildly positive note on Monday, November 24, with gains led by IT stocks amid supportive global cues.

The broader market was also trading in green in the early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 surging 0.06% and 0.04%, respectively.

Among sectoral indices, Nifty IT led the gains with a 1.35% rise, followed by Nifty PSU Bank (0.28%) and Nifty Consumer Durables (0.07%). On the downside, Nifty Realty declined 0.29%, while Nifty Pharma and Nifty Auto slipped 0.17% and 0.11%, respectively.

According to exchange data, on Friday, the foreign institutional investors (FIIs) sold shares worth ₹1,766.05 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,161.61 crore on a net basis.

Globally, most Asian stocks rose on Monday, buoyed by optimism that the Federal Reserve may cut interest rates in the December meeting.

Hong Kong's Hang Seng gained 1.38%, and South Korea's KOSPI was up 0.82%, while China's Shanghai Composite slipped 0.34%. and Japan's Nikkei was also trading 0.55% lower. Japan’s stock market remained closed to observe Labour Thanksgiving Day.

On Wall Street, US markets ended higher on Friday on rising Fed rate cut expectations. The S&P 500 rose 0.98%, the Dow Jones Industrial Average climbed 1.08%, and the tech-heavy Nasdaq rose 0.88%.

As many as 2,750 stocks traded on the NSE during the early session, among which 1,267 advanced, 1,377 declined, and 106 shares remained unchanged.

This indicates that the market's breadth is favourable towards declines.

Meanwhile, 3 stocks hit their one-year highs in the early trade, while 106 stocks touched their 52-week lows.

Further, 46 stocks hit their upper circuits, while 35 hit their lower circuits.

India VIX, the volatility gauge, was trading at 13.01 levels, down 4.54%.

Infosys was the most contributing stock, gaining 2.33%, followed by Tech Mahindra (2.2%), HCL Technologies (1.68%), Wipro (1.52%) and Eicher Motors (1.21%).

On the flip side, Mahindra & Mahindra (-1.27%), Bharat Electronics (-1.18%), Grasim Industries (-0.87%), Tata Motors PV (-0.86%) and Power Grid (-0.67%) were the top laggards.