Indian equity benchmarks closed higher for the second consecutive session on Friday, supported by strong buying in IT and pharmaceutical stocks. However, broader markets remained under pressure.
The Sensex rose 308.49 points, or 0.42 per cent, to settle at 74,459.53. The Nifty gained 116.35 points, or 0.51 per cent, to close at 23,053.10.
Market experts said the Nifty broke out of its recent consolidation phase. The index closed above the crucial 22,800 mark and reclaimed its 20-day moving average (20-DMA).
A symmetrical triangle pattern is developing on the three-hour chart. Analysts said the index needs to break above 23,250 to confirm the pattern. They added that the short-term outlook would remain positive as long as the Nifty holds above 22,800.
“Traders can consider booking partial profits near 23,250 while holding the remaining long positions with a trailing stop-loss of 22,950,” market experts said.
Global market trends supported domestic technology stocks. The unwinding of crowded artificial intelligence-linked trades improved sentiment towards Indian IT companies. Strong gains in heavyweight IT stocks helped domestic equities outperform most Asian markets.
Among Nifty constituents, Trent, InterGlobe Aviation and Infosys emerged as the top gainers.
However, mid- and small-cap stocks failed to match the benchmark indices. The Nifty MidCap 100 declined 0.93 per cent, while the Nifty SmallCap 100 dropped 1.85 per cent.
Sectoral performance remained mixed. The Nifty IT index led the gains, while pharmaceutical stocks attracted strong buying. The Nifty Consumer Durables index, however, recorded the steepest sectoral decline.
Experts said large-cap stocks showed relative strength, supported by selective buying in IT stocks. Pharma and healthcare shares gained on encouraging earnings and defensive demand.
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