Indian stock indices ended the trading session higher on Friday, driven by gains in technology, metals and power segments. The Nifty 50 on the National Stock Exchange closed up 0.49%, while the BSE Sensex 30 finished the day 0.44% higher.
Among Nifty constituents, Tech Mahindra Ltd (NSE:TEML) led advances, rising 3.41% - a gain of 45.70 points - to finish at 1,386.30. JSW Steel Ltd (NSE:JSTL) added 3.28%, or 37.10 points, closing at 1,168.00. Infosys Ltd (NSE:INFY) was also a notable gainer, up 3.13% or 38.20 points to end the session at 1,259.00.
On the downside for the Nifty, Hindalco Industries Ltd. (NSE:HALC) was the weakest performer, sliding 2.80% or 25.10 points to close at 871.95. HDFC Bank Ltd (NSE:HDBK) retreated 2.17%, losing 17.30 points to settle at 780.90, while HDFC Life Insurance Company Ltd (NSE:HDFL) declined 1.40% or 8.90 points to 624.60 by the close.
The BSE Sensex 30 showed a similar pattern of winners and losers. Tech Mahindra Ltd (BO:TEML) climbed 3.01% to 1,380.05, and Infosys Ltd (BO:INFY) rose 2.90% to finish at 1,256.10. Tata Steel Ltd (BO:TISC) recorded a 2.81% gain to close at 195.90.
Conversely on the BSE, HDFC Bank Ltd (BO:HDBK) was among the weakest largecaps, down 2.29% to 781.35 in late trade. Kotak Mahindra Bank Ltd. (BO:KTKM) lost 0.57% to settle at 365.85, and Bajaj Finance Ltd (BO:BJFN) slipped 0.16% to end at 830.65.
Market breadth favored advancers on both main exchanges. On the National Stock Exchange, 1,488 stocks advanced while 1,043 declined and 45 finished unchanged. The Bombay Stock Exchange saw 2,288 shares rise against 1,728 that fell, with 156 unchanged.
Several large financial names recorded 52-week lows during the session. Shares of HDFC Bank Ltd (NSE:HDBK) fell to a 52-week low, losing 2.17% or 17.30 points to 780.90 on the NSE. HDFC Life Insurance Company Ltd (NSE:HDFL) also hit a 52-week low, down 1.40% or 8.90 points to 624.60. On the BSE, HDFC Bank Ltd (BO:HDBK) was at a 52-week low after falling 2.29% or 18.35 points to 781.35. Kotak Mahindra Bank Ltd. (BO:KTKM) dropped to a 52-week low, down 0.57% or 2.10 points to 365.85, and Bajaj Finance Ltd (BO:BJFN) hit a 52-week low as well, losing 0.16% or 1.35 points to close at 830.65.
Volatility and commodity moves were modest. The India VIX, which measures implied volatility for Nifty 50 options, ticked up 0.03% to 22.81. In commodities, Gold Futures for April delivery rose 1.15%, gaining 52.74 to trade at $4,658.44 a troy ounce. Crude oil prices moved higher as well with the May WTI contract up 0.48%, or $0.46, to $96.01 a barrel, and the May Brent contract rising 1.56%, or $1.70, to $110.35 a barrel.
Currency markets showed depreciation in the rupee versus major currencies. The USD/INR rate increased 0.90% to 93.72, while EUR/INR rose 0.51% to 108.22. The US Dollar Index Futures was up 0.33% at 99.38.
Overall, the session closed with selective strength in technology and metals names while several prominent financial stocks moved to yearly lows. Market breadth was positive on both exchanges and volatility measures showed only a small uptick.
Key points
- Benchmarks closed higher - Nifty 50 up 0.49% and BSE Sensex 30 up 0.44%.
- Technology and steel names were among the day's strongest performers; several large financial firms declined and reached 52-week lows.
- Market breadth was positive on both NSE and BSE; India VIX rose marginally while gold and oil prices increased.
Risks and uncertainties
- Several major financial sector stocks hit 52-week lows, indicating downside pressure in banking and finance names.
- Rising USD/INR and movements in commodity prices - notably oil - could affect cost structures and market sentiment for import-dependent sectors.