Indian stock markets closed firmly higher on Friday, recovering from recent declines as investors increased their exposure to equities across several sectors.
The Sensex advanced 879.09 points, equivalent to 1.23 per cent, to finish at 72,472.33. The Nifty climbed 288.65 points, or 1.3 per cent, ending the session at 22,520.45.
Apollo Hospitals Enterprise, ITC and Eicher Motors recorded the strongest gains among Nifty constituents.
Falling international crude oil prices further boosted confidence by reducing concerns about inflationary pressures and businesses’ operating costs.
The rally extended beyond large-cap shares, with the Nifty MidCap index rising 1.56 per cent and the Nifty SmallCap index adding 0.54 per cent.
Information technology stocks delivered the strongest sectoral performance, while the Nifty Oil and Gas index underperformed other sectors.
Analysts placed the Nifty’s immediate support at 22,450, with another support level at 22,300. They identified 22,600 as the key resistance level and said a decisive move above it could push the index towards 22,800.
Investors are preparing for the domestic Consumer Price Index (CPI) data scheduled for Monday, which could provide fresh indications about the interest-rate outlook.
Companies’ second-quarter earnings will help determine whether the market can sustain its recovery.
Market experts linked Friday’s gains to bargain hunting and short covering following the recent correction.
IT shares attracted additional interest as the second-quarter earnings season began and investors grew more confident about revenue opportunities linked to artificial intelligence.
The rupee gained around 20 paise to trade at 96.73, receiving support from stronger capital-market flows and hopes of possible diplomatic engagement between the United States and Iran after remarks by US President Donald Trump.
Market participants will closely track inflation data, corporate results and international developments for further direction.
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