Sensex gains 193 points, Nifty at 24,124 as IT stocks lead Friday trade
Synopsis
Indian equities opened Friday on a positive note, with IT stocks — TCS, Infosys, and Tech Mahindra — doing the heavy lifting. But the rally is fragile: Brent crude has crossed $89 with no Strait of Hormuz resolution in sight, and Fed Chair Kevin Warsh's Jackson Hole speech could reset global rate expectations in either direction before the session closes.
Key Takeaways
Sensex rose 193.02 points to 77,126.61 and Nifty50 gained 33.80 points to 24,124.65 in early trade on 28 August .
Tech Mahindra , TCS , and Infosys were the top Nifty gainers; the Nifty IT index advanced more than 1% .
Nifty Private Bank and Nifty Financial Services underperformed, limiting broader gains.
Key Nifty support is seen at 24,000–23,800 ; resistance is clustered at 24,200–24,300 .
Brent crude surged above $89 amid no diplomatic progress on the Strait of Hormuz .
Markets are closely watching Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium for rate-policy signals.
The BSE Sensex climbed 193.02 points, or 0.25%, to 77,126.61 in early trade on Friday, 28 August, while the Nifty50 added 33.80 points, or 0.14%, to touch 24,124.65, with information technology stocks driving the morning rally. Investors, however, remained cautious ahead of US Federal Reserve Chair Kevin Warsh's address at the Jackson Hole Symposium, which is expected to signal the Fed's near-term monetary policy direction.
IT Stocks Lead the Charge
Tech Mahindra, Tata Consultancy Services (TCS), and Infosys emerged as the top performers on the Nifty, propelling the Nifty IT index more than 1% higher — well ahead of the broader market. The Nifty Metal and Nifty Media indices also traded in positive territory. In contrast, the Nifty Private Bank and Nifty Financial Services indices underperformed, capping broader gains.
Broader Market Opens Positive
The mid- and small-cap segments also opened in the green. The Nifty MidCap index rose 0.03%, while the Nifty SmallCap index gained 0.16%. The cautious breadth reflects the market's wait-and-watch stance ahead of the Jackson Hole outcome, which historically has triggered sharp moves in global equities.
Technical Levels Traders Are Watching
Market experts noted that maximum Put open interest on the Nifty is concentrated at the 24,000 and 23,800 strike levels, suggesting these are seen as support zones where buying interest is likely to emerge. On the upside, Call open interest is clustered at 24,200 and 24,300, indicating a zone where sellers are expected to resist further advances.
'A decisive break below the prior swing low of 24,025 would confirm a positional trend reversal. On the upside, the recent swing high of 24,378 is likely to act as immediate resistance,' an analyst noted.
Jackson Hole and Crude Oil Add to Uncertainty
Beyond the Fed's rate outlook, commodity markets are adding another layer of anxiety. Brent crude has surged back above $89 per barrel, with analysts attributing the move to the absence of any diplomatic resolution to reopen the Strait of Hormuz. 'Total lack of clarity on this issue is weighing on the market,' one analyst said. Elevated crude prices could stoke inflation concerns globally, complicating the Fed's policy calculus and, by extension, emerging-market sentiment including India's.
How Kevin Warsh frames the Fed's rate trajectory at Jackson Hole will likely set the tone for Indian equities heading into the following week.
Point of View
And Brent crude above $89 with no Hormuz resolution. If Warsh signals a higher-for-longer stance, the IT outperformance could reverse quickly, since US discretionary tech spending is the sector's core demand driver. The crude spike is an underappreciated risk — it pressures India's current account and could prompt the Reserve Bank of India to hold rates longer than the market is pricing, squeezing domestic rate-sensitive sectors further.
NationPress
28 Aug 2026
Frequently Asked Questions
Why did the Sensex and Nifty rise on 28 August?
The Sensex gained 193 points and the Nifty rose 33 points in early trade on 28 August, driven primarily by a rally in IT stocks including TCS, Infosys, and Tech Mahindra. The Nifty IT index advanced more than 1%, outperforming all other sectoral indices.
What is the Jackson Hole Symposium and why does it matter for Indian markets?
The Jackson Hole Symposium is an annual economic policy conference hosted by the US Federal Reserve, where the Fed chair typically signals the direction of US interest rates. For Indian markets, a hawkish signal can trigger foreign institutional investor outflows and pressure rate-sensitive sectors, while a dovish tone tends to boost risk appetite globally.
What are the key Nifty support and resistance levels to watch?
Analysts identify 24,000 and 23,800 as key support levels, where Put open interest is concentrated and buying is expected to emerge. On the upside, 24,200 and 24,300 are resistance zones, with a break above the recent swing high of 24,378 needed to confirm further upside.
Why has Brent crude surged above $89 and what does it mean for India?
Brent crude crossed $89 per barrel due to the absence of any diplomatic progress on reopening the Strait of Hormuz, a critical global oil transit route. For India, which imports a large share of its crude needs, elevated oil prices widen the current account deficit and can stoke inflation, complicating monetary policy decisions.
Which sectors underperformed in early trade on 28 August?
The Nifty Private Bank and Nifty Financial Services indices underperformed in early trade, even as IT, Metal, and Media sectors traded higher. The divergence reflects selective risk appetite ahead of the Jackson Hole outcome.
