Stock Market Today: Sensex up 100 pts, Nifty holds above 23,700; IT leads

Stock Market Today: Indian stock markets opened marginally higher on Friday, May 15, tracking mixed global cues and selective buying in frontline stocks.

The BSE Sensex opened at 75,497.10, up nearly 100 points from its previous close of 75,398.72. However, the index soon pared gains and was trading at 75,373.59 at around 9:14 am, down 25.13 points or 0.03 per cent.

The NSE Nifty 50 opened at 23,731.40 against its previous close of 23,689.60. The index traded at 23,733.25 in early deals, higher by 43.65 points or 0.18 per cent.

IT, auto stocks support markets

Among the Nifty50 stocks, Tata Motors Passenger Vehicles, Infosys, and Tech Mahindra emerged as the top gainers in early trade.

Sectoral trends remained mixed. The Nifty IT index led the gains with a rise of 1.27 per cent, supported by buying in large-cap technology stocks. The Nifty Auto index advanced 0.93 per cent, while the Nifty Pharma index traded 0.30 per cent higher.

On the other hand, selling pressure was seen in PSU banking and metal shares. The Nifty PSU Bank index slipped 0.55 per cent. The Nifty Metal and Nifty Financial Services indices also traded lower by 0.46 per cent and 0.25 per cent, respectively.

In the broader market, the Nifty MidCap index gained 0.20 per cent, while the Nifty SmallCap index declined 0.10 per cent.

Crude oil prices rise after fuel price hike

Commodity markets remained volatile. Brent crude rose 1.10 per cent to USD 106.89 per barrel, while WTI crude gained 1.22 per cent to USD 102.41 per barrel. Gold prices on CFD markets fell 0.79 per cent to USD 4,614.28.

Investor sentiment also remained cautious after the Indian government increased petrol and diesel prices by Rs 3 per litre across four metro cities. The hike marked the first increase in fuel prices in four years.

Following the announcement, the Nifty Oil & Gas index fell nearly 1 per cent, dragged by losses in Hindustan Petroleum and Mahanagar Gas shares.

Global cues remain mixed

Global market signals remained mixed overnight. US stock futures traded largely flat after the Dow Jones Industrial Average reclaimed the 50,000 mark, while the S&P 500 closed above the 7,500 level for the first time.

At the time of writing, Dow futures were down 10 points or 0.02 per cent. S&P 500 futures slipped 0.02 per cent, while Nasdaq 100 futures edged up 0.06 per cent.

Investors are also closely tracking developments from the ongoing summit between US President Donald Trump and Chinese President Xi Jinping. Xi reportedly said that the Taiwan issue could become a major point of tension if not handled carefully by Washington.

Q4 earnings in focus today

Several companies are scheduled to announce their March quarter earnings on Friday. Key companies include Aether Industries, Amber Enterprises India, Alembic Pharmaceuticals, Arvind, Azad Engineering, Bajaj Electricals, Balmer Lawrie & Company, Balrampur Chini Mills, Cochin Shipyard, Deepak Nitrite, Devyani International, Gland Pharma, Godfrey Phillips India, Hindustan Copper, NCC, NHPC, Power Grid Corporation of India, Premier Energies, Steel Authority of India, SJVN, Solar Industries India, Tata Steel, VIP Industries, and VST Tillers Tractors, among others.