Indian equity benchmark indices ended sharply higher on Friday after a subdued start, as investors weighed geopolitical developments involving the United States and Iran while drawing support from a strong rally in technology stocks following robust first-quarter earnings.
At the opening bell, the BSE Sensex was trading over 200 points higher, while the NSE Nifty gained around 50 points. However, buying momentum gathered pace through the session, helping the Sensex close 964 points higher, while the Nifty advanced by more than 250 points, led by strong gains in information technology shares.
Among sectoral indices, Nifty IT emerged as the standout performer, rising 1.89 per cent in early trade as investors cheered upbeat quarterly results from leading technology companies. In contrast, most other sectoral indices traded in negative territory during the morning session, with Nifty Pharma and Nifty Healthcare witnessing the sharpest declines before the broader market recovered.
On the BSE, Infosys, Tech Mahindra, Tata Consultancy Services (TCS), HCL Technologies, Reliance Industries, Mahindra & Mahindra, Hindustan Unilever, State Bank of India, Bajaj Finance, Tata Steel, and InterGlobe Aviation (IndiGo) were among the top gainers. On the losing side, Eternal, Sun Pharmaceutical Industries, NTPC, and Trent featured among the major laggards.
In global markets, crude oil prices continued to move higher on Friday as escalating tensions between the United States and Iran renewed concerns over potential disruptions to oil supplies passing through the strategically important Strait of Hormuz. International benchmark
Brent crude rose by USD 1.05, or 1.25 per cent, to USD 85.28 per barrel, while U.S. West Texas Intermediate (WTI) crude gained USD 1.03, or 1.3 per cent, to USD 79.98 per barrel. At the time of reporting, Brent crude was trading at around USD 84.92 per barrel.
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Gold prices also recovered during the session, although the precious metal remained on course for its biggest weekly decline in six weeks. Spot gold was trading at approximately USD 3,996.30 at the time of reporting.
Commenting on the domestic market outlook, Rajesh Palviya, Head of Research at Axis Direct, said the Nifty continues to trade within a narrow range, indicating market indecision rather than any meaningful weakness.
"Nifty continues to consolidate within a narrow range, signalling indecision rather than weakness. The 23,900-23,800 zone remains a crucial support area, while 24,150 is the immediate hurdle," he said.
He added that a sustained move above the 24,150 level could trigger fresh buying momentum and potentially lift the index towards the 24,300 mark. However, any break below the key support zone could lead to another round of profit booking.
"With earnings season gathering pace, stock-specific opportunities are likely to outperform broad index moves, keeping volatility elevated despite a range-bound headline index," Palviya added.
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