The BSE Sensex extended its gains, trading at 77,010, up 494 points or 0.68 per cent as of 1.09 pm on Friday, while the NSE Nifty 50 stood at 24,049, gaining 165 points or 0.65 per cent. According to Mirae Asset Sharekhan, the rally was driven by broad-based buying across multiple sectors including realty, media, healthcare, pharma, banking, and FMCG stocks. Both indices had opened with strong gap-up moves but spent the bulk of the morning in a narrow band of less than 0.25 per cent, as per SBI Securities. Market breadth remained firmly in favour of buyers, with 2,786 stocks advancing against 1,222 declines out of 4,211 stocks traded on the BSE.
Leadership in the session shifted from information technology, which dominated the morning, to financial and infrastructure stocks. As reported by The Hindu BusinessLine, Jio Financial Services was the top Nifty 50 gainer at midday, rising 3.34 per cent to ₹241.16 from a previous close of ₹233.37. HDFC Life Insurance gained 3.01 per cent to ₹568.45, while Adani Enterprises advanced 2.67 per cent to ₹3,166.00 and Adani Ports rose 2.12 per cent to ₹1,838.20. IndiGo climbed 2.10 per cent to ₹5,339.50, reflecting strength in the aviation sector. The broad-based buying was particularly evident in sectors like realty, media, healthcare, pharma, banking, and FMCG, which drove the sustained market rally.
According to SBI Securities, Reliance Industries, ICICI Bank, and HDFC Bank were identified as the top contributors to Nifty's gains. The IT sector continued to show strength following better-than-expected quarterly results and positive commentary from Tata Consultancy Services. As noted by Ponmudi R, CEO of Enrich Money, better-than-expected quarterly results from TCS have further boosted investor sentiment, with the IT sector emerging as one of the key gainers in early trade. However, IT stocks faced pressure during the extended session, contrasting with the broader market's positive momentum.
Consumer and pharma stocks faced selling pressure during the session. According to The Hindu BusinessLine, Eternal was the top Nifty 50 loser, declining 1.59 per cent to ₹287.80 from a previous close of ₹292.45. Dr Reddy's Laboratories continued its slide, falling 1.17 per cent to ₹1,246.70 after closing Thursday at ₹1,269.50. Bharti Airtel weakened further, down 1.06 per cent to ₹1,910.70, while Apollo Hospitals dipped 0.39 per cent to ₹8,811.00 and Coal India edged down 0.33 per cent to ₹428.50. The IT sector's underperformance was notable as it contrasted with the broader market's positive momentum driven by other sectors.
On the commodity front, crude oil prices retreated to near $72 per barrel, easing pressure on the broader economy. As reported by The Hindu BusinessLine, MCX Crude Oil opened above ₹6,900 after rejecting highs near ₹7,300, with resistance at ₹6,950–₹7,000. The Indian rupee remained under pressure despite softer crude, with the USD/INR pair trading near ₹95.2, range-bound between ₹95.1 and ₹95.4. Gold markets reflected a cautious tone, with COMEX Gold trading above the $4,100–$4,120 support zone and MCX Gold trading near ₹1,45,000. Asian markets traded mixed as investors weighed global growth concerns and rising geopolitical tensions, while European markets were higher, supported by improving risk sentiment and gains across key sectors.
