Sensex, Nifty End Higher as IT Stocks Lead Gains Amid Late Volatility
MUMBAI — Indian equity markets closed higher on Friday, led by gains in information technology stocks, although benchmarks retreated from intraday highs in the final hour as rising tensions between Iran and Israel weighed on investor sentiment.
The Nifty 50 rose 112.35 points, or 0.49 percent, to close at 23,114.50, while the BSE Sensex gained 325.72 points, or 0.44 percent, to settle at 74,532.96.
Markets traded firmly in positive territory for most of the session, but volatility picked up toward the close as crude oil prices climbed on concerns about potential supply disruptions linked to escalating Middle East tensions.
Reports of fresh strikes between Iran and Israel heightened fears over global energy supplies, a key concern for import-dependent economies such as India.
From a technical standpoint, analysts said the Nifty continues to face resistance near the 23,350 level, reinforcing a sell-on-rise outlook.
“A breakdown below 23,000 could extend the downside toward 22,900–22,950, while on the upside, 23,600 remains a strong supply zone likely to cap any meaningful recovery,” an analyst said.
Broader markets also saw some profit-taking toward the end of the session. The Nifty MidCap index ended 0.67 percent higher, while the Nifty SmallCap index edged up 0.09 percent after trimming earlier gains.
Sectorally, real estate stocks underperformed, with the Nifty Realty index declining about 1 percent. The Nifty Financial Services and Nifty Media indices also lagged the broader market.
In contrast, defensive and rate-sensitive sectors showed strength. The Nifty Pharma and Nifty PSU Bank indices were among the top gainers, while the Nifty IT index rose 2.17 percent during the session.
Market participants are expected to remain cautious in the near term, closely monitoring geopolitical developments and crude oil price movements.
Brent crude, the global benchmark, rose in the latter half of the trading day as supply concerns intensified due to the ongoing conflict in the Middle East.
Meanwhile, the Indian rupee weakened sharply, falling 1.17 percent to close at a record low of 93.71 against the U.S. dollar.
“While geopolitical volatility remains a key driver for short-term sentiment, the USDINR technical setup remains bullish; having breached ascending channel resistance, the pair eyes a 93.75 level with support shifting to 92.90,” an analyst said. (Source: IANS)
