Sensex Gains 308 Points, Nifty Closes Above 23,000 as IT and Pharma Stocks Lead Rally
MUMBAI–Indian stock markets extended their gains for a second consecutive session Friday, with benchmark indices Sensex and Nifty closing higher as strong buying in information technology and pharmaceutical stocks offset weakness in the broader market.
The 30-share BSE Sensex rose 308.49 points, or 0.42%, to close at 74,459.53, while the NSE Nifty 50 gained 116.35 points, or 0.51%, to finish at 23,053.10.
The gains were driven primarily by large-cap technology and pharmaceutical companies, even as mid-cap and small-cap stocks faced selling pressure.
Market analysts said the Nifty’s move above the 22,800 level signaled renewed upward momentum following several sessions of consolidation.
The index also moved decisively above its 20-day moving average, a technical indicator commonly used to assess short-term market trends.
“On the 3-hour chart, a symmetrical triangle pattern is developing, with a breakout above 23,250 required for confirmation. The short-term outlook remains positive as long as the index sustains above 22,800,” analysts stated.
Market observers suggested that investors could consider taking partial profits if the Nifty approaches 23,250 while maintaining remaining positions with a trailing stop-loss at 22,950.
“Traders can consider booking partial profits near 23,250 while holding the remaining long positions with a trailing stop-loss of 22,950,” market watchers stated.
Investor sentiment improved as global markets experienced a reduction in heavily concentrated artificial intelligence-related trades, prompting renewed interest in Indian technology companies.
The shift in investment sentiment benefited major Indian IT stocks and helped domestic benchmarks outperform several other Asian markets during Friday’s trading session.
Among individual Nifty stocks, retail company Trent, airline operator InterGlobe Aviation and technology services giant Infosys were among the strongest performers.
Despite gains in the benchmark indices, the broader market remained under pressure, reflecting continued investor caution toward smaller companies.
The Nifty MidCap 100 index declined 0.93%, while the Nifty SmallCap 100 index dropped 1.85%, highlighting the divergence between large-cap stocks and the broader market.
Sectoral performance was mixed, with information technology emerging as the strongest-performing sector.
The Nifty IT index led sectoral gains as investors increased their exposure to technology stocks following recent changes in global market sentiment.
Pharmaceutical and healthcare companies also attracted buying interest, supported by corporate earnings and demand for relatively defensive investments.
Meanwhile, the Nifty Consumer Durables index recorded the steepest losses among sectoral indices.
“Large-caps showed relative resilience, supported by IT, where selective buying emerged amid a rotation away from global AI plays, while pharma and healthcare gained on encouraging earnings and defensive demand,” according to the market experts.
Analysts said the Nifty’s ability to remain above 22,800 would be important for sustaining its recent gains, while a decisive move beyond 23,250 could signal further upward momentum in the near term. (Source: IANS)
