MUMBAI– Indian equity benchmarks extended gains for a second consecutive session on Friday, buoyed by a strong global market rally and heavy buying in metal stocks.
Market sentiment also improved after Prime Minister Narendra Modi held talks with U.S. President Donald Trump on Thursday, with discussions focused on strengthening economic ties as both countries continue efforts toward a trade agreement.
At the close of trade, the Sensex rose 449.53 points, or 0.53 percent, to end at 85,267.66. The Nifty advanced 148.40 points, or 0.57 percent, to settle at 26,046.95.
Market experts said the near-term outlook remains constructive as long as the Nifty holds above the 25,900 level, which is seen as a key support zone. On the upside, the index could move toward the 26,300 mark in the short term.
Metal stocks led the gains, with Tata Steel emerging as a top performer. Other major gainers on the Nifty included Eternal, UltraTech Cement, Larsen & Toubro, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank and Bajaj Finance.
However, profit booking weighed on select counters. Hindustan Unilever, Sun Pharma, Asian Paints, ITC, Power Grid and HCL Technologies were among the notable laggards.
Broader markets outperformed the benchmarks, with the Nifty MidCap index rising 1.18 percent and the Nifty SmallCap index gaining 0.94 percent.
On the sectoral front, the Nifty Metal index surged 2.63 percent to lead the rally, followed by gains in realty, consumer durables, and oil and gas stocks. The FMCG and media sectors ended the session in negative territory.
Meanwhile, silver prices in India continued their sharp upward trajectory. Silver futures crossed the Rs 2 lakh per kilogram mark for the first time on Friday, extending a rally that has lifted prices by nearly 130 percent so far this year.
Market participants said a combination of supportive global cues, strong sectoral performance, and improving geopolitical engagement helped equities end the week on a positive note. (Source: IANS)
