Stock markets traded higher on Friday, with the and the Nifty crossing the 23,800 mark, helped by strong gains in financial and private banking stocks, easing crude oil prices and a recovery in the rupee.
At 1:45 PM, the BSE was up 514.96 points, or 0.68%, at 75,698.32. The index touched an intraday high of 75,810.97 and a low of 75,230.75.
The Nifty 50 rose 147.70 points, or 0.62%, to 23,802.40. It hit a high of 23,835.65 during the session.
The biggest support for the market came from private banks and financial stocks.
Axis Bank rose 2.56%, while ICICI Bank gained 2.10%. Bajaj Finance climbed 1.61%, and HDFC Bank was up 1.29%.
Among sectoral indices, Nifty Private Bank gained 1.71%, while Nifty Financial Services rose 1.37%, making them the top-performing sectors of the day.
Analysts said resilient earnings expectations and buying in heavyweight financial stocks helped markets stay in positive territory.
Other major gainers included Trent, up 2.95%, nd Asian Paints, which rose 2.25%.
However, some IT and defensive stocks remained under pressure. TCS and Infosys fell 0.38% each, while ITC declined 1.15%.
Oil prices remained high but cooled slightly from recent peaks, giving some relief to investors.
At 1:45 PM, WTI crude was trading at $98.37, up 2.10%, while Brent crude stood at $105.30, up 2.65%.
Crude prices had earlier crossed the $110 mark amid fears of supply disruptions linked to tensions in the Middle East and concerns around the Strait of Hormuz.
However, hopes of possible peace talks between the US and Iran helped prices ease slightly, improving market sentiment. Despite this, uncertainty remains over whether talks will actually happen, keeping investors cautious.
Lower crude prices are positive for India because the country imports most of its oil requirements. High oil prices increase import costs and can put pressure on inflation and the rupee.
The recovery in the rupee also supported markets.
According to a Reuters report, the to support the rupee against heavy pressure. The central bank reportedly intervened again on Friday through large state-run banks.
The rupee had risen 0.64% to close at 96.20 against the US dollar on Thursday and strengthened further past the 96 level on Friday.
A stronger rupee helps improve investor confidence and reduces concerns around imported inflation, especially when prices remain elevated.
Broader markets also remained positive, though gains were smaller compared to benchmark indices.
Nifty Midcap 100 was up 0.21%, while Nifty Smallcap 100 gained 0.23%.
Among sectors, Nifty Auto rose 0.59%, Nifty FMCG gained 0.31%, and Nifty Oil & Gas was up 0.20%. On the other hand, Nifty Media fell 1.21%, while Nifty Healthcare slipped 0.94%.
India VIX, often called the market’s fear gauge, stood at 17.84, showing that volatility concerns still remain in the market.
Overall, markets remained firm through the session as gains in banking and financial stocks, along with slightly softer crude oil prices and support for the rupee, lifted investor mood despite continued uncertainty around the Middle East situation.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)