Nifty Ends Above 24,150, Sensex Gains 331 Points; IT Stocks Jump 4%

Indian equity benchmarks ended higher on Friday, with the Nifty reclaiming the 24,100-mark as buying in information technology stocks lifted the broader market. However, the indices remained volatile through the session as investors continued to weigh geopolitical and macroeconomic uncertainties.

The Sensex gained 330.92 points, or 0.43%, to close at 77,264.51, while the Nifty 50 advanced 84.80 points, or 0.35%, to settle at 24,175.65.

The market witnessed selective buying and profit booking at higher levels, keeping the benchmarks range-bound despite the positive close. The Nifty midcap and smallcap indices ended with little change.

IT Stocks Drive Benchmark Gains

IT stocks emerged as the key drivers of the rally. The Nifty IT index rose nearly 4%, with TCS, Tech Mahindra, Infosys, Wipro and HCL Technologies featuring among the biggest Nifty gainers.

Pharma, metal and media indices also gained around 0.4% each. On the other hand, consumer durables, energy, FMCG and realty indices declined around 0.4% each.

Asian Paints, SBI Life Insurance, ITC, ICICI Bank and UltraTech Cement were among the major Nifty losers.

The rally in technology stocks followed strong global cues after Nvidia's upbeat quarterly results lifted sentiment towards artificial intelligence-linked technology and semiconductor stocks. The Nasdaq had gained around 1.5%, while Asian markets remained mixed, with Japan trading higher and South Korea weaker.

Crude, Geopolitical Risks Remain In Focus

Crude oil continued to remain a key factor for Indian markets. WTI crude was hovering near $83-84 a barrel, while developments involving Iran and Oman over traffic through the Strait of Hormuz remained in focus for their potential impact on oil prices, the rupee and broader risk sentiment.

The Indian rupee strengthened 16 paise to end at 95.38 per dollar on Friday, compared with the previous close of 95.54.

Nifty Support At 24,100-24,050

Riyank Arora, Associate Vice President – HNI & Derivatives at Hedged.in, said Indian equities had a positive session as buyers remained engaged and large-cap stocks supported the benchmarks.

“Nifty 50 closed at 24,175.65, up 85 points. The index reclaimed the 24,100 mark and continues to trade above its key support levels, reflecting sustained bullish momentum,” Arora said.

He placed immediate support for the Nifty at 24,100-24,050, followed by a stronger support zone near 23,900. On the upside, resistance is seen around 24,250-24,350, with a decisive move above this zone potentially opening the way for further gains.

For the Sensex, Arora identified immediate support at 77,000-76,900, while resistance is placed around 77,500-77,800. He said a decisive move above the resistance zone would strengthen the short-term outlook.

According to Arora, the market's ability to build on recent gains points to underlying strength, with the broader trend remaining favourable as long as key support levels hold. He favoured buying on dips in fundamentally strong stocks while maintaining appropriate risk controls.