Indian equity markets ended on a mixed note on Friday, with the benchmark indices largely flat as global equities retreated following a rebound in bond yields, while rising crude oil prices amid simmering tensions between the US and Iran kept investors cautious.
The Sensex gained just 3.11 points to settle at 77,540.83, while the Nifty edged up 20.15 points, or 0.08 per cent, to close at 24,252.00.
Commenting on Nifty technical outlook, experts said that the 24,000–24,200 zone remains the key support base, reinforced by heavy Put open interest at the 24,000 strike.
“On the upside, this week’s high of 24,360 falls within the broader 24,300–24,400 resistance zone, making this the immediate hurdle for the index,” an analyst stated.
“A sustained move above 24,360–24,400 could trigger a quick advance towards 24,500–24,600,” a market expert mentioned.
Despite the marginal gains in the day’s session, both the Sensex and Nifty declined for the second consecutive week, reflecting continued concerns over global market conditions and geopolitical risks.
Among the major Nifty losers, Trent, Maruti Suzuki India and InterGlobe Aviation came under pressure and ended among the top-performing stocks on the downside.
The broader market, however, showed some resilience. The Nifty MidCap index rose 0.1 per cent, while the Nifty SmallCap index gained 0.69 per cent.
Sectorally, the Nifty FMCG, Nifty Auto and Nifty IT indices underperformed the broader market. In contrast, the Nifty Metal and Nifty Private Bank indices emerged as the key outperformers during the session.
Experts said that market sentiment remained cautious as investors continued to track movements in global bond yields, crude oil prices and developments surrounding tensions between the US and Iran.
“The elevated global bond yields continue to cause worry in the market. The recent US Treasury’s move to ease the bond yields failed to provide lasting comfort, given surging crude prices and persistent inflation fears,” the analyst stated.
