Mumbai: Indian benchmark equity indices extended their gains for a second consecutive session on Friday, supported by easing crude oil prices and strong buying in information technology (IT) stocks.
The BSE Sensex advanced 413.70 points, or 0.56 per cent, to close at 74,729.27. The NSE Nifty 50 climbed 148.80 points, or 0.65 per cent, to settle at 23,146.15.
Softer crude oil prices helped ease inflation concerns and improved investor sentiment, while gains in technology shares provided momentum to the benchmark indices.
IT Stocks Lead Market Gains
IT stocks emerged as the strongest performers during the session. Tech Mahindra, Tata Consultancy Services (TCS) and Infosys were among the top gainers on the Nifty index.
The Nifty IT index recorded the strongest gains among sectoral indices, helping offset weakness in several other sectors.
In contrast, the Nifty Oil and Gas index was the biggest laggard, as energy-related stocks remained under pressure.
The broader market, however, showed a mixed trend. The Nifty Midcap 100 index declined 0.11 per cent, while the Nifty Smallcap 100 index slipped 0.01 per cent.
Nifty Technical Outlook: 23,500–23,600 in Focus
Market analysts said the Nifty witnessed follow-up buying from the 22,900 level after breaking out of a consolidation phase on Thursday, signalling an improvement in near-term sentiment.
According to technical experts, a sustained move above 23,000 could extend the ongoing recovery towards the 50-day moving average (50-DMA), placed in the 23,500–23,600 range.
However, analysts cautioned that the broader market trend still requires confirmation.
The immediate support for the Nifty is placed at 22,800, while resistance is seen around 23,200. Sustaining levels above 23,000 will be crucial for the continuation of the upward momentum.
Crude Oil Prices and Global Risks in Focus
Market sentiment received support from easing crude oil prices, which helped reduce concerns over inflation and improved investors’ appetite for equities.
Analysts noted that rupee appreciation and softer oil prices could provide near-term support to the domestic market. However, global inflationary pressures and geopolitical uncertainties remain key risks.
They also highlighted the need for earnings growth across a wider range of sectors, beyond IT, to sustain the market recovery. An improvement in domestic demand and easing pressure on corporate margins will be important factors in determining the next phase of the rally.
Investors are likely to monitor corporate earnings, crude oil price movements, currency trends and global developments for further direction.
Market takeaway: The Sensex and Nifty extended their recovery for a second straight session, led by IT stocks. For the Nifty, the 23,000 level remains crucial, with 23,200 as immediate resistance and 23,500–23,600 as the next potential upside zone if the rally sustains.
