Markets opened marginally higher on Friday, with the rising 55.73 points or 0.07 per cent to 85,776.11 and the Nifty gaining 9.50 points or 0.04 per cent to 26,225.05 as of 9.43 AM. The Sensex had closed at 85,720.38 on Thursday and opened today at 85,791.55, while the closed at 26,215.55 and opened at 26,237.45.
Among Nifty50 constituents, led the gainers, surging 1.69 per cent to ₹3,743.30, followed by at ₹2,271.60, up 0.74 per cent. Reliance Industries gained 0.66 per cent to ₹1,573.70, while Hindalco rose 0.64 per cent to ₹812.70 and Hindustan Unilever climbed 0.64 per cent to ₹2,467.50.
On the losing side, dropped 0.67 per cent to ₹772.60, followed by Power Grid at ₹272.15, down 0.57 per cent. Asian Paints fell 0.54 per cent to ₹2,863.50, Axis Bank declined 0.48 per cent to ₹1,281.10, and Bajaj Auto slipped 0.45 per cent to ₹8,981.50.
“Indian equity markets are likely to enter a consolidation phase today after hitting fresh record highs in the previous session,” said Ponmudi R, CEO of Enrich Money. “Overall sentiment remains constructive, supported by strong domestic institutional flows, resilient performance in banking and metal stocks, and favourable global cues such as softer U.S. bond yields.”
Ponmudi noted that Nifty 50 is currently hovering near its lifetime high resistance zone of around 26,277-26,300. “As long as the index remains above 26,000, the broader trend continues to stay positive,” he added. Bank Nifty continues to lead the broader market after successfully crossing its long-term resistance near 59,700, with the next major psychological hurdle at 60,000.
“Nifty, Sensex and Bank Nifty all punched into record territory on Thursday, with Nifty’s close above 26,300 formally ending a 14-month consolidation and hinting at a fresh rally phase,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities. “The mood stays buoyant, powered by hopes of dual rate cuts from the US Fed and RBI, and optimism on a potential US-India trade deal, even as FIIs turned sellers to the tune of ₹1,255 crore.”
However, Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, cautioned that the rally remains narrow. “The important takeaway from the new records set by Nifty and Sensex yesterday is that these are new records driven by a narrow rally in a limited number of performing largecaps,” he said. “Even though Sensex and Nifty touched new highs yesterday, the Nifty Smallcap Index is around 9 per cent below its peak.”
In commodities, gold traded near $4,190 per ounce while silver approached $54 in the international market. “Precious metals rose as confidence strengthened around a potential December Fed rate cut, supported by dovish remarks from Federal Reserve officials and softer economic indicators,” said Rahul Kalantri, VP Commodities at Mehta Equities.
WTI crude traded near $59 per barrel, on track for its fourth straight monthly decline. India VIX stood at around 11.79, indicating a low-volatility environment.