Mumbai: Indian equity markets closed higher on Friday, with benchmark indices Sensex and Nifty posting gains as investors stayed cautiously optimistic ahead of the second round of US-Iran talks over the weekend.
The Nifty rose 0.65 per cent, or 156.80 points, to settle at 24,353.55, while the Sensex gained 504.86 points, or 0.65 per cent, to end the session at 78,493.54.
Commenting on Nifty technical outlook, experts said that the immediate hurdle is seen at the 50-DMA, placed around 24,410, and a decisive breakout above this level could pave the way for an upside move towards 24,700.
“The overall structure remains positive, favouring a buy-on-dips approach, with the support base now shifting higher to around 24,000,” an analyst stated.
Among the top gainers on the Nifty were Hindustan Unilever, Nestle India, JSW Steel and Power Grid Corporation of India, which supported the upward momentum in the market.
Broader markets outperformed the frontline indices — reflecting improved investor sentiment.
The Nifty MidCap index advanced 1.27 per cent, while the Nifty SmallCap index surged 1.48 per cent by the close.
On the sectoral front, FMCG, oil and gas, and media stocks led the gains, with the Nifty FMCG, Nifty Oil and Gas, and Nifty Media emerging as top performers.
In contrast, the Nifty IT index ended as the worst performer during the session.
Investor sentiment remained supported by easing geopolitical concerns after President Donald Trump reiterated that the conflict involving Iran should come to an end soon.
He also announced that Lebanon and Israel had agreed to a 10-day ceasefire, a development seen as a positive step toward de-escalation.
Reports suggested that Israel halting its attack on Lebanon was among the key conditions set by Iran to move toward ending hostilities.
Experts said that market participants are now closely watching the upcoming discussions between the United States and Iran over the weekend, which are expected to provide further direction to global and domestic markets.
“The market appears to be transitioning into a more stable phase after recent volatility, supported by easing geopolitical risks, cooling volatility, and sectoral rotation into defensives,” a market expert mentioned.
More Stock Market News on www.mediaeyenews.com
Infographics: Pinaki Paul/IANS
–IANS
