Markets opened on a positive note on Friday morning, with the Nifty 50 rising 111.20 points or 0.46 per cent to 24,183.95 as of 9.22 AM, after closing nearly flat at 24,072.75 on Thursday. The Sensex opened at 77,370.77 and climbed to 77,630.26, gaining 443.39 points or 0.57 per cent over its previous close of 77,186.87.The morning rally was led by information technology stocks, which dominated the top gainers on the Nifty 50. Jio Financial Services surged 5.69 per cent to ₹249.07, emerging as the top gainer.HCL Technologies rose 2.69 per cent to ₹1,207, Infosys gained 2.44 per cent to ₹1,108.80, Tech Mahindra climbed 2.32 per cent to ₹1,545.40, and TCS advanced 1.90 per cent to ₹2,242.80. The gains across IT majors reflected selective buying in technology stocks even as global semiconductor shares came under pressure overnight.On the losing side, Wipro fell 1.94 per cent to ₹174.29, making it the sharpest decliner among Nifty 50 constituents despite the broader IT rally. Eternal dropped 1.06 per cent to ₹283.40, Hindalco declined 1.00 per cent to ₹949.75, Cipla shed 0.88 per cent to ₹1,416.90, and Nestle India fell 0.60 per cent to ₹1,415.Metals and financial stocks remained under pressure. Axis Direct's Head of Research Rajesh Palviya noted that "financials and metals remained under pressure, reflecting a shift toward sector-specific stock picking rather than broad-based buying."Sectorally, Media, Consumer Durables, Chemicals and IT were among the previous session's outperformers, while Banking, Financial Services, Realty and PSU Bank stocks witnessed mild profit booking.Foreign institutional investors continued to sell, offloading domestic equities worth ₹4,200 crore in the previous session. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, pointed to currency pressure as a key concern, saying the rupee has been "the worst performing currency in Asia this week with a depreciation above 1 per cent."He added that "FCNR B deposit mobilisation by commercial banks is running below expectations, impacted by high bond yields in the US," which has weighed further on FII flows that had briefly turned positive earlier this month.Crude oil prices remained a central concern for markets. Brent crude hovering near $85 per barrel has emerged as, according to Palviya, "the biggest challenge for Indian equities," since "elevated oil prices not only raise inflation concerns but also threaten corporate margins, fiscal stability and the rupee."Separately, Ponmudi R, CEO of Enrich Money, flagged that crude is "trading in the $78–79 per barrel range," with geopolitical tensions around the Strait of Hormuz keeping energy supply concerns alive after the United States launched a sixth wave of airstrikes on Iran.From a technical standpoint, the Nifty's immediate resistance lies at 24,200, with a breakout above that level potentially opening the path to 24,300–24,400. The 24,000 level remains the key support to watch.On the derivatives side, Put writers are active at 24,000–24,100 strikes while significant Call open interest is concentrated at 24,100–24,200, capping near-term upside. India VIX declined 2.92 per cent to 12.88, indicating contained volatility.For the Bank Nifty, which ended Wednesday at 57,582.25 — down 175.60 points or 0.30 per cent — the expected trading range for the session is 57,200–58,000, with 58,000–58,200 being the key resistance band.Market attention now turns to results from Reliance Industries, due after market hours today, and private sector banking majors reporting on Saturday.Vijayakumar noted that "private sector banks are expected to report good numbers," which could set the tone for broader market direction next week.Until stronger earnings cues emerge, analysts expect markets to remain range-bound with a stock-specific approach favoured over broad index bets.Published on July 17, 2026