Indian shares edged higher at midday on Friday, supported by firmer global sentiment and selective buying in financial and energy sectors, despite ongoing caution over the Nifty 50’s resistance levels and mixed industry performance.
Indian shares held modest gains at midday on Friday as firmer global sentiment and selective buying in financials and energy offset caution around the Nifty 50’s repeated failure to break above 24,000. The Sensex was up 536.34 points, or 0.70 per cent, at 76,689.20, while the Nifty 50 rose 66.65 points, or 0.28 per cent, to 23,940.10. According to The Hindu BusinessLine, the broader market outperformed the large-cap indices, with the Nifty Smallcap Index touching a record intraday high and market breadth staying positive, even as the benchmark remained range-bound.
Brokerage updates pointed to a similar tone in the morning session. Kotak Neo said the Sensex was up by about 571 points at the open and that the Nifty was trading above 23,900, while ICICI Direct noted that the index briefly reached 23,950 early in the day. Upstox said heavyweight names including Reliance Industries, HDFC Bank, Infosys, Tata Consultancy Services, ICICI Bank, State Bank of India and Bajaj Finance helped lift the market after softer US bond yields improved sentiment globally.
Among individual stocks, SBI Life Insurance led the Nifty gainers, followed by Reliance Industries and HDFC Life Insurance. Adani Enterprises and Wipro also advanced, while HCL Technologies, Eicher Motors, Maruti Suzuki, Bajaj Finserv and Cipla were among the laggards. The Hindu BusinessLine said financials were the strongest sectoral group, with insurance and energy stocks drawing support, while Nifty Media was the weakest. The publication also said analysts were watching the 23,860-23,840 zone as key support, with resistance seen near 24,030-24,050.
The market’s hesitation came after a weak previous session, when the Nifty closed below 23,900 for a fourth straight day, according to a separate report. That backdrop has left traders focused on whether the index can reclaim the psychologically important 24,000 level or slip back towards support near 23,800. Overseas, Wall Street’s rally overnight, driven by technology stocks and expectations that US interest rates may stay on hold if disinflation continues, helped set a firmer tone in Asia. But traders remain wary of elevated crude prices, currency moves and the US payrolls data due later in the day, which could reshape expectations for rates and risk assets.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
