MUMBAI– Indian equities closed the week higher on Friday, marking an eighth straight session of gains as investor sentiment improved on expectations of a U.S. Federal Reserve rate cut, progress in India–U.S. trade talks, and strong buying in defense stocks.
The Sensex ended at 81,904.70, up 355.97 points or 0.44 percent, after opening with a gap-up at 81,758.95 and touching an intraday high of 81,992.85. The Nifty closed at 25,114.0, advancing 108.50 points or 0.43 percent. The benchmarks finished at their highest levels in three weeks, supported by favorable global cues and reports that the European Union may reject U.S. tariff proposals on India’s purchase of Russian oil.
Defense stocks led sectoral gains after Indian procurement authorities began negotiations for six next-generation conventional submarines. Among Sensex constituents, top gainers included BEL, Bajaj Finance, Bajaj FinServ, Axis Bank, Maruti, Tata Motors, ICICI Bank, L&T, Infosys, and PowerGrid. Decliners were Hindustan Unilever, Trent, Asian Paints, Bharti Airtel, ITC, and Eicher Motors.
Most sectoral indices finished higher. Nifty Financial Services rose 0.70 percent, Nifty Bank climbed 0.26 percent, Nifty Auto gained 0.46 percent, and Nifty IT advanced 0.3 percent, while Nifty FMCG slipped. Broader markets also gained, with Nifty Smallcap 100 up 0.64 percent, Nifty Midcap 100 higher by 0.32 percent, and Nifty 100 up 0.41 percent.
The rupee strengthened 0.18 percent to 88.27, aided by weak dollar index levels below 98, optimism around trade talks with Washington, and easing crude oil prices. “The dollar index remained weak below 98, providing additional strength to the rupee, while ongoing trade deal talks with the U.S. also added optimism. Weakness in crude prices offered further minor support,” said Jateen Trivedi of LKP Securities. He added that the rupee could test 87.75 in the near term, with resistance at 88.50.
Market analysts said momentum may remain positive in the short term, with global central bank signals, geopolitical developments, and trade negotiations likely to dictate sentiment. (Source: IANS)
