Indian equity markets saw an uptick in the morning session on Friday, buoyed by favorable global market trends, a drop in oil prices, and news of US President Donald Trump calling off plans to strike Iran due to progress in negotiations. The Sensex climbed by 1.35%, reaching an intraday high of 74,834, while the Nifty surged by 1.26%, touching 23,455.
Across sectors, all indices showed positive movement, with Nifty Realty leading the gains at 2.51%, followed by Nifty Auto at 1.79%. Nifty Private Bank and Nifty PSU Bank indices also advanced by 1.29% and 1.45% respectively. Notable gainers included media, chemicals, consumer durables, oil & gas, and cement.
Furthermore, Nifty Metals rose by 0.92%, while Nifty FMCG and pharma sectors witnessed increases of 0.71% and up to 0.86% in the broader healthcare segment. Analysts highlighted the positive near-term outlook supported by strong global cues, consistent domestic institutional investments, and improving sectoral performance. However, they cautioned that the sustainability of the market rally hinges on maintaining key resistance levels in the upcoming sessions.
Technical analysts pointed out the formation of an inverted hammer-like candlestick pattern, indicating buying interest at lower levels, although challenges persist at higher resistance zones. The Relative Strength Index (RSI) stood at 37.86. Experts identified crucial support levels at 23,000–23,100 and resistance zones at 23,600–23,650.
US West Texas Intermediate (WTI) crude dropped by around 3% to $85 per barrel, while Brent crude, the international benchmark, fell by 1.59% to $88.94 per barrel. Meanwhile, Asian markets continued their positive momentum, with the Nikkei, Hang Seng, and KOSPI indices rising by more than 2%, 8%, and 3% respectively. On Wall Street, the Nasdaq surged by 2.54%, and the S&P 500 gained 1.75%.
