Indian markets opened higher on Thursday tracking Wall Street gains, but weakness in the rupee and IT stocks tempered optimism. The Sensex rose 0.40 percent while Nifty 50 gained 0.64 percent, buoyed by global tech strength including Nvidia's milestone $5.5 trillion valuation. However, the rupee hit a record low of ₹95.80 against the dollar, marking its fourth consecutive session of decline. IT stocks underperformed significantly, with HCL Technologies, TCS, and Tech Mahindra all posting losses amid sector headwinds. Pharmaceuticals emerged as the preferred defensive play, benefiting from rupee depreciation. Analysts warn that if crude oil prices remain elevated, the rupee could weaken further toward ₹100 levels, creating additional pressure on import-dependent sectors.
