The Indian stock market ended in the green on Friday, 3 July, with the Nifty 50 closing up 0.40% at 24,271, securing a 0.9% weekly gain. According to The Economic Times, the positive sentiment was driven by weaker-than-expected US labor market data, which reinforced expectations that the Federal Reserve will keep interest rates unchanged. The benchmark indices opened sharply higher, buoyed by robust buying in technology and pharma stocks, but failed to sustain momentum as the session progressed, giving up a significant portion of intraday gains.
Among the sectoral gainers, Nifty Realty continued to lead the rally, rising another 2.25%, followed by Nifty Pharma, Nifty IT, and Nifty Cement, all of which gained more than 1%. As reported by Stock Market News, the broader market followed a similar trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 surrendering most of their intraday gains to end the session on a mixed note. On the downside, Nifty PSU Bank extended its losing streak, falling 1.60%, while Nifty Auto and Nifty Metal slipped 0.44% each.
Technology stocks ended the week positively, with the Nifty IT index surging nearly 0.50%, as reported by Stock Market News. The latest rebound has helped revive investor confidence in technology stocks, which remained under sustained selling pressure throughout the first half of the year. The recovery was supported by a softer-than-expected U.S. jobs report that eased concerns over near-term Federal Reserve rate hikes, providing relief to technology valuations that had been pressured by interest rate concerns.
The day began on a strong note with the benchmark indices opening sharply higher, but the market failed to sustain the momentum as the session progressed. According to The Economic Times, the Nifty 50 retreated 108 points from the day's high to settle at 24,271, while the Sensex erased 391 points from its intraday high to end the session with a gain of 0.35%. Realty led gains, but PSU Banks, Auto, and Metal sectors fell, reflecting mixed investor sentiment across different sectors of the market. Technical indicators remain supportive, with momentum indicators maintaining a bullish outlook and India VIX declining nearly 9% during the week to close below the 12 mark, signalling easing volatility.
