Indian stock markets opened higher on Friday, with Nifty 50 rising 0.6% to 23,796.7 and BSE Sensex gaining 0.7% to 75,710.03 as of 10:15 am IST. According to Reuters, ten of the 16 major sectors advanced, with the broader small-caps and mid-caps trading flat. The positive opening came despite concerns over Brent crude trading near $105 a barrel amid uncertainty around US-Iran peace talks. Private banks led the gains, with HDFC Bank and ICICI Bank both rising 2%, lifting the financial sector 1.3% higher. Life Insurance Corporation of India rose 2% after reporting a quarterly profit rise, while Honasa Consumer Care jumped 8.5% after posting higher March quarter profit.
On Thursday, the Indian stock market ended lower amid profit booking in select index heavyweights. As reported by Angel One, the NSE Nifty 50 slipped 4 points or 0.02% to close at 24,655, while the BSE Sensex declined 135 points or 0.18% to settle at 75,183. The Sensex witnessed sharp intraday volatility, opening with a strong gap-up of nearly 414 points and surging to an intraday high of 75,945.79 during early trade, but momentum faded as persistent selling pressure emerged at elevated levels. Gradual profit-booking dragged the index lower towards an intraday low of 74,996.78 before settling near the 75,180 mark, reflecting cautious market sentiment and limited buying conviction at higher zones. Among the Sensex constituents, major declines were seen in shares of Bajaj Finance, Tech Mahindra, Hindustan Unilever, Infosys, Bajaj Finserv, and Bharti Airtel. On the gaining side, InterGlobe Aviation, Trent, Bharat Electronics, and Adani Ports emerged as some of the key outperformers during the session.
Asia-Pacific markets opened on a strong note as investors assessed developments surrounding US-Iran peace negotiations in West Asia. According to Angel One, Japan's Nikkei 225 advanced 1.36%, while the Topix index gained 0.55%. South Korea's Kospi rose 0.52%, whereas the Kosdaq index surged more than 3%. Hong Kong's Hang Seng index futures traded at 25,568, higher than the previous closing level of 25,386.52, indicating a positive opening for Hong Kong equities. Tokyo emerged as the top performer with the Nikkei surging more than 2%, while Taipei gained close to 1.5%. Markets in Hong Kong, Shanghai, Sydney, Seoul, Wellington, Jakarta, Bangkok, Manila, Singapore, and Kuala Lumpur also traded in positive territory. The regional rally followed a cautiously optimistic session on Wall Street, where US equities ended slightly higher.
Crude oil prices witnessed a sharp increase amid ongoing geopolitical developments, creating a key concern for markets. As reported by Angel One, West Texas Intermediate (WTI) crude futures climbed 1.73% to trade at $98.02 per barrel, while Brent crude futures rose 2.27% to $102.33 per barrel. On COMEX, crude prices gained 1.43% to trade at $97.73 a barrel. However, oil prices rose on Friday as investors remained uncertain about the possibility of a breakthrough in US-Iran negotiations. Differences between the two nations persisted over Tehran's uranium stockpile and authority over the Strait of Hormuz. Despite the uptick, oil was still on track to record a weekly decline. US Secretary of State Marco Rubio said discussions aimed at ending the conflict could make progress, adding that Pakistani mediators might assist in securing an agreement. Rubio told reporters that Pakistani representatives were expected to travel to Tehran, expressing hope that the move would help push negotiations forward. Meanwhile, Donald Trump cautioned on Wednesday that the negotiations were at a critical stage, balanced between reaching a deal and the possibility of renewed military action.
Technical indicators suggest mixed signals for the Indian equity markets. According to RS Wealth Management, the Nifty 50 closed near 23,655 and continues to exhibit a fragile undertone as selling pressure at higher levels persists. The index erased all its opening gains and formed a long bearish candle on the daily chart, highlighting weak sentiment near resistance zones despite the broader higher-low structure remaining intact. The index failed to sustain above short-term moving averages and continues to trade below all major EMAs, including the 10, 20, 50, 100, and 200-day averages, indicating that the broader trend remains under pressure. However, India VIX, the market's fear gauge, extended its decline for the third consecutive session, falling 3.35% to 17.82 and remaining below its short- and medium-term moving averages, suggesting reduced volatility expectations. Anand James, Chief Market Strategist at Geojit Investments Limited, believes that Nifty succeeded in closing above the 10-day SMA for the first time since May 8, encouraging a positive outlook and playing for a breakout move aiming 23,900-24,430. The 23,400 mark is expected to serve as an important support zone, with the index needing to form higher high and higher low on a sustained basis to signal strength.
