BIZ DESK
Indian equity benchmarks extended their winning streak to eight straight sessions on Friday, closing at fresh three-week highs despite lingering global uncertainties. Investor optimism was buoyed by hopes of a potential US Federal Reserve rate cut, steady progress in India–US trade negotiations, and renewed interest in defence stocks.
The Sensex rose 355.97 points, or 0.44 per cent, to end at 81,904.70 after touching an intraday high of 81,992.85. The Nifty gained 108.50 points, or 0.43 per cent, to settle at 25,114.00. Analysts said sentiment strengthened further after reports suggested the European Union may oppose US tariff proposals targeting India over Russian oil imports.
Sector-wise performance
- Defence & Industrials: Defence stocks were in the spotlight following reports of negotiations for six next-generation submarines. Bharat Electronics Ltd (BEL) was among the top gainers, alongside L&T, reflecting optimism in defence manufacturing.
- Financials: Nifty Financial Services gained 0.70 per cent, with Bajaj Finance, Bajaj Finserv, Axis Bank, and ICICI Bank leading the pack. Analysts expect the sector to benefit from robust credit growth and easing global liquidity conditions.
- Automobile: Nifty Auto advanced 0.46 per cent, supported by Maruti Suzuki and Tata Motors as strong festival-season demand expectations lifted sentiment.
- IT: Nifty IT edged 0.30 per cent higher, aided by Infosys and other frontline tech stocks, tracking a recovery in global tech sentiment.
- FMCG: The FMCG index was the sole underperformer, slipping as Hindustan Unilever, ITC, and Asian Paints faced selling pressure on concerns of rural demand slowdown.
Broader markets & currency
The broader markets moved in tandem, with Nifty Smallcap 100 up 0.64 per cent, Nifty Midcap 100 gaining 0.32 per cent, and Nifty 100 climbing 0.41 per cent.
Meanwhile, the rupee strengthened by 0.18 per cent to close at 88.27 against the US dollar, aided by foreign inflows, softer crude prices, and a weak dollar index. “The rupee looks set to recover some lost ground with scope to test 87.75 in the coming days, while 88.50 remains a resistance zone,” said Jateen Trivedi of LKP Securities.
Market experts believe strong sectoral rotation and optimism over trade talks could sustain the uptrend in the near term.