The 30-share BSE benchmark Sensex rose 179 points or 0.25% to settle at 72,026. The broader NSE Nifty surged 52 points or 0.24% to end at 21,711.
Among the Sensex stocks, TCS, L&T, Infosys, HCL Tech, and HUL closed higher, while Nestle, JSW Steel, Kotak Bank, Sun Pharma, and Asian Paints ended lower.
Suzlon Energy shares closed in 5% upper circuit after the company bagged a new order for the development of a 225-MW wind power project from Everrenew Energy Private Ltd.
Shree Cement closed 4.7% lower amid media reports that the income tax department has slapped a Rs 4,000-crore tax order on the company.
From the sectoral front, Nifty IT surged 1.3%, and Nifty Auto rose 0.4%. Nifty Bank, metal, pharma, and healthcare closed 0.1-0.6% lower.
The market breadth was skewed in favour of the bulls. About 2,224 stocks gained, 1,611 declined, and 101 remained unchanged on the BSE.Expert Views
“The market ended on a flat note, tracking weak global cues, with the US 10-year yield edging higher ahead of the release of US payroll data later today (Friday), which may shape the expectation for the FED policy. Investors are also staying cautious ahead of eurozone inflation data today,” said Vinod Nair, head of research, Geojit Financial Services.
“On the domestic front, the market is moving towards the results season, and we expect the exuberance of the broader index may be tested if the December quarter earnings do not justify the valuation,” said Nair.
Kunal Shah, senior technical & derivative analyst at LKP Securities, said, “The prevailing sentiment is bullish, but Nifty encounters initial resistance at 21,750, facing selling pressure. Immediate support rests at 21,600. A conclusive close above 21,750 levels could propel Nifty towards the 22,000 mark, signalling further upward movement.”
Global Markets
Global equities were on track to snap a nine-week winning streak as bets on aggressive central bank rate cuts were rolled back.
MSCI’s broadest index of global stocks was flat on the day, but heading for a 1.78% decline this week.
Europe’s Stoxx 600 index sank 0.8%, Asia-Pacific shares outside Japan dropped 0.5% and government bond yields rose as prices of the interest rate-sensitive debt securities fell.
10-year Treasury yield rises above 4%
The 10-year treasury yield, which tracks expectations of long-term borrowing costs and rises as the price of the debt security falls, climbed 4 basis points (bps) to 4.034%. This key debt yield has risen almost 18 bps this week.
Oil price rises
Oil prices edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and on news that US Secretary of State Antony Blinken is prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.
Brent crude futures were up 38 cents, or 0.49%, to $77.97 a barrel, while US West Texas Intermediate crude futures rose 51 cents, or 0.69%, to $72.69.
Rupee ends higher
The Indian rupee closed stronger on Friday, supported by dollar inflows even as its Asian peers slipped heading into the release of key US labour market data due later in the day.
The rupee closed at 83.15 against the US dollar, higher by 0.1% compared with its close at 83.23 in the previous session. The local unit was little changed week-on-week.
(With inputs from agencies)
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