Indian equity benchmarks ended the week on a firm note on Friday, stretching their winning run to eight consecutive trading sessions despite global uncertainties.
Investor sentiment remained buoyant on hopes of a possible US Federal Reserve rate cut, encouraging developments in India–US trade talks, and strong buying in defence stocks.
The Sensex closed at 81,904.70, up 355.97 points or 0.44 per cent. Opening with a gap-up at 81,758.95, the index touched an intraday high of 81,992.85. The Nifty settled at 25,114.00, higher by 108.50 points or 0.43 per cent, marking a three-week high for the domestic market.
Analysts said optimism rose further after reports suggested the European Union may reject US tariff proposals on India for importing Russian oil. Progress in trade negotiations between New Delhi and Washington is also expected to sustain momentum in the coming weeks.
The defence sector led gains after reports that Indian procurement authorities had begun negotiations for six next-generation conventional submarines. Among the major Sensex gainers were BEL, Bajaj Finance, Bajaj Finserv, Axis Bank, Maruti, Tata Motors, ICICI Bank, L&T, Infosys, and Power Grid. On the other hand, Hindustan Unilever, Trent, Asian Paints, Bharti Airtel, and ITC ended in the red.
Most sectoral indices finished in the green. Nifty Financial Services advanced 0.70 per cent, Nifty Bank climbed 0.26 per cent, Nifty Auto gained 0.46 per cent, and Nifty IT edged up 0.30 per cent. FMCG stocks declined.
The broader market also participated, with the Nifty Smallcap 100 rising 0.64 per cent, the Nifty Midcap 100 up 0.32 per cent, and the Nifty 100 higher by 0.41 per cent.
Meanwhile, the rupee strengthened by 0.18 per cent to close at 88.27, supported by mixed foreign inflows. A weak dollar index, ongoing trade discussions with the US, and softer crude prices lent additional support.
“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.
-IANS