SENSEX rises 200 pts, NIFTY50 opens flat at 23,902 amid low oil prices; IT stocks like Wipro, Infosys among gainers

At 9:15 am, the NIFTY50 index opened flat 0.02% or 5 points lower at 23,902.15 points on Friday, compared to 23,907.15 points at the previous market close, according to NSE data. The index gained during the early market session.

Meanwhile, the BSE SENSEX index rose 200 points after opening 0.15% or 120 points higher at 75,988.51 points on May 29, compared to 75,867.80 points at the previous market close on Wednesday.

Ahead of the opening bell, the GIFT NIFTY futures in Ahmedabad were trading 0.27% higher at 23,937 points on Friday, as investors focused on the positive momentum and global market cues.

The stock market reopened for trading operations on Friday, May 29, after Thursday’s stock market holiday for Bakri Id (Eid al-Adha).

Factors impacting stock market today

The NIFTY50 and SENSEX were witnessing key support from lower oil prices as global crude oil rates dropped under $92 per barrel (bbl) during Friday’s trading session.

Investing.com data showed that as of 10 am (IST), the benchmark Brent crude oil was trading 1.18% lower at $91.65 per bbl on Friday, compared to $92.23 per bbl at the previous commodity market close.

The Indian stock market was also witnessing positive momentum from the Asian markets, as the investors closely monitored the geopolitical developments, which can potentially impact the equity markets.

On Friday, the investors were also looking out for any positive momentum cues from the ongoing negotiations of a potential peace deal in West Asia. Latest reports showed that Iran and the United States have reportedly agreed on a tentative agreement, while Trump has not signed on to anything official.

Despite the hopes of a potential peace deal, the foreign investors continued to sell assets in emerging markets like India. NSE data showed that FIIs sold ₹1,042.70 crore worth of assets across the exchanges in a single day on Wednesday.

While foreign investors were sellers, the domestic buyers purchased ₹3,821 crore worth of assets across the exchanges on Wednesday, May 27.

Top gainers & losers today

IT stocks like Infosys, Wipro, HCL Tech, Tata Consultancy Services (TCS), Tech Mahindra and others like Trent and Larsen & Toubro (LT) were among the top gainers as of the early market hours on Friday, May 29.

Infosys was up 4.2%, Wipro up 2.2%, HCL Tech up 2.1%, TCS shares were up 1.9%, and Tech Mahindra up 1.6% were the IT stocks among the top gainers on Friday’s early market, while others like Trent were up 1.4% and Larsen & Toubro was up 1.2%.

Among the top losers were Eicher Motors, down 1.25%, IndiGo was down 1.22%, Max Healthcare was down 1.1%, Bharti Airtel down 1.1%, BEL down 1%, and ONGC lost 1% on May 29.