Markets opened on a cautiously positive note on Friday, with both benchmark indices edging higher in early trade, driven by gains in information technology stocks and a sharp decline in crude oil prices following reports of a 60-day U.S.-Iran ceasefire extension.
The Sensex, which closed at 75,867.80 on Thursday, opened at 75,988.51 and was trading at 76,111.28, up 243.48 points or 0.32 per cent, as of 9.18 am. The Nifty 50, which settled at 23,907.15 in the previous session, opened at 23,902.15 and was trading at 23,956.75, up 49.60 points or 0.21 per cent, at the same time.
IT sector leads gainers
Technology stocks dominated the Nifty 50 gainers list in early trade. Wipro was the top gainer, rising 3.25 per cent to ₹208.13 from its previous close of ₹201.58. Infosys climbed 3.17 per cent to ₹1,196.70 against its previous close of ₹1,159.90, while HCL Technologies added 1.73 per cent to ₹1,185.40 from ₹1,165.20. TCS rose 1.55 per cent to ₹2,319.60 from ₹2,284.20, and Tech Mahindra gained 1.24 per cent to ₹1,473.60 from its previous close of ₹1,455.60.
The broad rally in IT was underpinned by improving global technology sentiment. “The double digit earnings growth in financials, automobiles and metals is impressive,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “Trends indicate that FY27 will be good for defence, capital goods, renewable energy, financials and pharmaceuticals. Growth sectors like digital platform companies are getting accumulated on declines.”
Energy, Telecom, Ports among losers
On the losing side, ONGC fell the most, dropping 1.70 per cent to ₹269.40 from its previous close of ₹274.05. Bharti Airtel declined 1.11 per cent to ₹1,831.70 from ₹1,852.20, while Adani Ports slipped 0.88 per cent to ₹1,808.50 from ₹1,824.50. Coal India shed 0.87 per cent to ₹459.00 from ₹463.05, and Eicher Motors eased 0.84 per cent to ₹7,356.50 from its previous close of ₹7,419.00.
Crude falls on Iran truce reports
A key driver of sentiment was the decline in crude oil prices. Brent crude futures were trading at $91.74, down 1.04 per cent, while WTI crude fell 1.48 per cent to $87.58, as of 9:11 am. On the MCX, June crude oil futures dropped 1.36 per cent to ₹8,421, and July futures fell 1.10 per cent to ₹8,286. Reports indicate the U.S. and Iran have agreed to extend a ceasefire by 60 days, though neither U.S. President Donald Trump nor Iranian authorities have officially confirmed this.
“Brent crude declining is a big positive,” said Vijayakumar. “If a deal happens, crude can decline further, thereby improving India’s macros which have been under pressure from the energy crisis. This will also help stabilise the rupee, which, in turn, can restrain the FPI outflows.”
Rupee, FII flows remain concerns
Despite falling crude prices, the Indian rupee continued to face pressure, trading in the 95.6–95.8 zone against the U.S. dollar. Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹1,042.70 crore in the previous session. Domestic Institutional Investors (DIIs), however, provided a counterweight, buying equities worth ₹3,821 crore.
Ponmudi R, CEO of Enrich Money, a SEBI-registered trading firm, noted that “persistent FII outflows remain a key concern and could limit the extent of any near-term domestic market recovery.”
LIC in focus; Technical levels to watch
LIC remained in focus on Friday as the stock turned ex-date for its 1:1 bonus share issuance, which mechanically adjusts the share price downward while doubling the number of outstanding shares.
Technically, analysts broadly agree that 24,000 remains the critical resistance level for Nifty. “A new uptrend rally is possible only after 24,000/76200 is breached,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities. “After a breakout, the market could move towards 24,200–24,250.”
On the downside, the 23,800 level is the immediate support for Nifty, with the 23,500–23,600 zone acting as a stronger demand area. Bank Nifty faces resistance in the 55,400–55,600 zone, with support at the 54,400–54,200 range.
Hariprasad K, Founder of Livelong Wealth and a SEBI-registered Research Analyst, cautioned that “despite supportive global cues, traders are likely to remain cautious ahead of the weekend,” adding that any unexpected geopolitical escalation “could trigger sharp one-sided global moves when markets reopen next week.”