New Delhi, Oct. 16 -- The Indian stock market is expected to open higher on Friday, October 16, following positive signals from GIFT Nifty. The index was trading around 23,106, up nearly 118 points, or 0.51%, from the previous close of Nifty futures, indicating a positive start for domestic benchmark indices.

Indian equity benchmarks rallied sharply on Thursday, with the Sensex surging over 1,500 points to close at a three-week high. The rally was supported by strong buying in banking and IT stocks, along with Reliance Industries, while a decline in crude oil prices further boosted investor sentiment.

The 30-share BSE Sensex jumped 1,533.72 points, or 2.11%, to settle at 74,315.61, near its intraday peak. During the session, the index a...