Domestic equity markets showed slight gains on Friday morning as investors kept a close eye on West Asia updates and awaited clarity on the US-Iran ceasefire extension. The Sensex climbed by 0.46%, reaching an intraday high of 76,220 points, while the Nifty traded around 0.40% higher at 24,002.
Leading the gains were information technology stocks, with Nifty IT rising over 2%, followed by mid-small IT, telecom, healthcare, pharma, and PSU banking stocks. Additionally, realty, media, and metal indices also saw positive movements.
On the flip side, sectors like chemicals, consumer durables, and financial services faced selling pressure, while FMCG stocks remained relatively stable. Notably, top Nifty losers included Bharti Airtel, ONGC, Eicher Motors, BEL, and HDFC Bank.
Market experts highlighted that the decline in crude oil prices and better-than-expected corporate earnings are boosting equities. They emphasized that lower oil prices could benefit India’s macroeconomic outlook and the rupee, while sectors like defence, capital goods, financials, and pharmaceuticals show promising growth potential.
In the commodities market, Brent crude dropped by 1.24% to $91.55 per barrel, and US West Texas Intermediate (WTI) crude fell by almost 2% to $87.37 per barrel. Meanwhile, Asian markets saw positive trends, with Japan’s Nikkei rising over 2%, and Hong Kong’s Hang Seng and South Korea’s KOSPI surging up to 3%.
Wall Street closed on a positive note, with the S&P 500 advancing by 0.58% and the Nasdaq gaining nearly 1%.
