Mumbai: Indian stock markets closed in the green on Friday but gave up part of their gains in the final hour. The Sensex rose 325.72 points to settle at 74,532.96, while the Nifty gained 112.35 points to close at 23,114.50. However, both indices ended below their day’s highs.
Last-Hour Volatility Hits Sentiment
Markets were trading strong during most of the session, but volatility increased towards the end. Rising tensions between Iran and Israel pushed crude oil prices higher, which weakened investor sentiment. Concerns over global energy supply disruptions added pressure in the final hour.
Oil Prices Trigger Market Caution
Reports of fresh strikes in the Middle East raised fears about oil availability. As India depends heavily on imports, rising crude prices can impact the economy. Brent crude moved higher during the day, making investors more cautious.
Technical Levels Remain Crucial
Experts say that Nifty is facing resistance near the 23,350 level. The market continues to follow a “sell-on-rise” trend. A fall below 23,000 may lead to further downside towards 22,900–22,950. On the upside, 23,600 is seen as a strong resistance level.
Broader Markets Show Mixed Trend
Midcap and smallcap stocks also ended higher but lost some gains towards the close. The Nifty MidCap index rose 0.67 percent, while the SmallCap index gained only 0.09 percent. Profit booking was seen in the last hour of trading.
Sector Performance Mixed
Realty stocks were among the worst performers, with the Nifty Realty index falling around 1 percent. Financial Services and Media sectors also underperformed.
On the positive side, defensive sectors like Pharma and PSU Banks showed strength and were among the top gainers.
Rupee Hits Record Low
The Indian rupee weakened sharply, ending at a record low of 93.71 against the US dollar, down 1.17 percent. Analysts say the USD-INR trend remains strong, with the next target around 93.75, while support is seen near 92.90.
Outlook Remains Cautious
Market experts believe investors will remain cautious in the near term. Geopolitical developments and crude oil prices will continue to guide market direction, making volatility likely in the coming sessions.
