Indian stock markets ended higher on Friday, with Sensex and Nifty posting gains despite late volatility triggered by rising oil prices and geopolitical tensions. Experts caution about resistance levels and downside risks, while the rupee hit a record low amid global uncertainty
Representational image. File pic
After the bloodbath on Thursday, the Indian stock markets ended in the green on Friday. Although the indices gave up part of their gains in the final hour due to rising tensions, the market on Friday showed overall positive returns.
While the conflict between Israel and Palestine pushed oil prices higher and dampened investor sentiment, the benchmark indices Nifty and Sensex settled off their day’s gains.
Nifty closed 112.35 points, or 0.49 per cent, higher at 23,114.50, while the Sensex gained 325.72 points, or 0.44 per cent, to end at 74,532.96.
From a technical perspective, the Nifty continues to face resistance near the 23,350 zone, reinforcing a sell-on-rise structure, experts said.
During the session, markets had traded higher, but volatility increased in the last hour as crude oil prices rose amid fears of supply disruptions.
Sectoral indices
Broader markets amid the global uncertainties on Friday also saw profit-booking towards the close. The Nifty MidCap ended 0.67 per cent higher, while the Nifty SmallCap rose marginally by 0.09 per cent after giving up part of its intraday gains.
On the sectoral front, realty stocks were among the worst performers, with the Nifty Realty declining around 1 per cent.
In contrast, defensive and rate-sensitive sectors showed strength. The Nifty Pharma and Nifty PSU Bank emerged as the top gainers during the session. The Nifty IT ended the intra-day session with a gain of 2.17 per cent.
Expert opinion
An analyst, while expressing his views, noted, “A breakdown below the 23,000 level could extend the downside towards 22,900–22,950, while on the upside, 23,600 remains a strong supply zone likely to cap any meaningful recovery,” as per IANS.
The analyst further added, “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,” as per IANS.
Reports further suggested that tensions in the Middle East could impact global oil availability, which is a key concern for import-dependent countries like India.
Meanwhile, global crude oil benchmark Brent 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 ended down 1.17 per cent at a record closing low of 93.71 per US dollar.
(With inputs from IANS)
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