MUMBAI– Indian equity benchmarks extended their winning streak for a second straight session on Friday, supported by a strong rally in global markets and heavy buying in metal stocks.
Market sentiment also improved after Prime Minister Narendra Modi held talks with U.S. President Donald Trump on Thursday, with both leaders discussing ways to strengthen economic ties as negotiations toward a bilateral trade agreement continue.
At the close of trading, the Sensex advanced 449.53 points, or 0.53 percent, to settle at 85,267.66. The Nifty also ended higher, gaining 148.40 points, or 0.57 percent, to close at 26,046.95.
Market analysts said the near-term outlook remains constructive as long as the Nifty stays above the 25,900 level, which is expected to act as a key support zone. On the upside, the index could move toward 26,300 in the short term, they added.
Metal stocks were among the top performers, driving broader gains across the market. Heavyweights such as Tata Steel, Eternal, UltraTech Cement, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank and Bajaj Finance featured among the leading gainers on the Nifty.
Some stocks, however, saw profit-taking pressure. Hindustan Unilever, Sun Pharma, Asian Paints, ITC, Power Grid and HCL Technologies were among the notable laggards during the session.
The broader market also posted solid gains. The Nifty MidCap index rose 1.18 percent, while the Nifty SmallCap index climbed 0.94 percent.
On the sectoral front, the Nifty Metal index led the rally with a gain of 2.63 percent. Realty, consumer durables, and oil and gas stocks also closed higher, while the FMCG and media sectors ended in negative territory.
Meanwhile, silver prices in India continued their strong upward momentum, with futures crossing the Rs 2 lakh per kilogram mark for the first time on Friday. The rally has pushed silver prices up nearly 130 percent so far this year.
Market experts said a combination of supportive global cues, strong sectoral performance and improving geopolitical engagement helped domestic equities end the week on a positive note. (Source: IANS)
