The Indian stock market closed higher on Friday, with both the Nifty and Sensex posting gains. The Nifty increased by 64.60 points to reach 23,719.30, while the Sensex rose by 231.99 points to settle at 75,415.35. Analysts noted that the Nifty has immediate support at 23,600 and could move towards 23,400 if this level is breached.
Investor sentiment was positive as the Indian rupee appreciated significantly against the US dollar during the trading session. The rupee strengthened by 51 paise, hitting an intra-day high of 95.69 before settling at 96.20 per dollar. Financial and banking stocks like Trent, Shriram Finance, and Axis Bank were among the top gainers on the Nifty index.
In sector performance, the Nifty Private Bank, Nifty Financial Services, and Nifty Bank outperformed the broader market. However, sectors like Nifty Pharma, Nifty Healthcare, and Nifty Media ended the session in the red. Market experts highlighted the need for geopolitical stability and softer oil prices to sustain an uptrend and improve investor sentiment.
