Domestic equity markets showed gains in the morning session on Friday, with benchmark indices increasing by around half a percent each, driven by purchases in IT and auto stocks. The Sensex rose by 363 points or 0.47 percent to 77,550, while the Nifty climbed 100 points or 0.43 percent to 24,176. IT stocks led the gains, with the Nifty IT index surging nearly 2 percent, followed by Nifty Auto and Nifty Private Bank.
Sector-wise, IT stocks saw significant gains, with the Nifty IT index rising nearly 2 percent, followed by Nifty Auto and Nifty Private Bank. On the flip side, pharma and healthcare stocks experienced declines, with Nifty Pharma dropping over 1 percent and Nifty Healthcare Index slipping around 1 percent. Among the top losers of the Nifty were Wipro, Hindalco Industries, Cipla, Eternal, Nestle India, Max Healthcare, Sun Pharma, ITC, Dr Reddy’s Laboratories, and Tata Consumer Products.
Market analysts anticipate a range-bound market due to a weakening rupee, continuous foreign institutional investor (FII) selling, and weak global cues affecting sentiment. Despite this, technical indicators remain resilient, with steady domestic institutional buying and strong support expected around the 24,000-24,100 zone to limit the downside. Investors are advised to closely monitor the June-quarter earnings of major private banks for guidance and maintain a stock-specific approach until a clear breakout occurs.
In the commodities sector, Brent crude, the international benchmark, saw a 1.48 percent increase to $85.48 per barrel, while US West Texas Intermediate (WTI) crude rose by 1.60 percent to $80 per barrel. Asian markets traded lower, with Japan’s Nikkei falling over 4 percent, Hong Kong’s Hang Seng declining around 2 percent, and China’s Shanghai Composite dropping over 1 percent. In the US, markets closed in the red, with the S&P 500 slipping 0.51 percent and the Nasdaq falling 1.47 percent.
