Indian equity benchmarks opened on a firm note on Friday as investors remained focused on the Reserve Bank of India’s upcoming monetary policy decision.
Traders closely monitored signals from the central bank regarding inflation management and currency stability amid elevated energy costs resulting from tensions in West Asia.
The BSE Sensex rose by 357 points, or 0.48 per cent, touching an intraday peak of 74,717.57. The NSE Nifty also advanced by 100 points, or 0.42 per cent, reaching 23,516 during morning trade.
Sectoral performance remained broadly positive, with the Nifty Media index leading the gains after climbing 1.81 per cent. The Nifty Financial Services index also posted a strong rise of 0.97 per cent.
Healthcare stocks continued to attract investor interest, pushing Nifty Healthcare and Nifty Pharma higher by up to 0.82 per cent. The Nifty Realty index also recorded gains, advancing 0.71 per cent.
Despite the broader market rally, a few sectors remained under pressure. The Nifty Metal index declined by 0.60 per cent, while the Nifty Oil & Gas index slipped slightly into negative territory.
Information technology and FMCG counters remained largely unchanged, whereas public and private sector banking stocks recorded modest gains.
On the stock-specific front, Wipro, Tata Steel, Trent, Hindalco Industries, and Coal India featured among the biggest decliners on the Nifty.
According to market observers, sentiment remained cautiously positive.
Analysts pointed to signs of investors reducing exposure to technology stocks across several global markets, although the durability of that trend remains uncertain.
Experts noted that a 25-basis-point increase in interest rates could strengthen banking stocks by improving lending margins.
Conversely, higher rates may create challenges for sectors that depend heavily on borrowing, including automobiles and real estate.
Oil prices continued to strengthen, with Brent crude nearing the $96-per-barrel mark and US WTI trading above $93 per barrel.
Elsewhere in Asia, major markets remained under pressure. Notable declines were recorded in Japan, South Korea, and Hong Kong. The losses reflected a cautious mood among global investors.
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