Indian stock markets strengthened for the second consecutive session on Friday, with heavy buying in the metal sector and a rally in global markets boosting investor sentiment. The positive sentiment in the markets further intensified after Prime Minister Narendra Modi discussed strengthening economic ties and a trade agreement with US President Donald Trump on Thursday. These talks gave investors confidence that trade cooperation between the two countries is moving forward.
The Sensex closed the day at 85,267.66, up 449.53 points, or 0.53 percent. The Nifty gained 148.40 points, or 0.57 percent, to close at 26,046.95.
Experts said that “the market sentiment will remain positive in the near term, provided the Nifty remains above 25,900, which will act as a crucial support level. On the upside, the Nifty could rise to 26,300.”
Among the major Nifty stocks, Tata Steel, Eternal, UltraTech Cement, L&T, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank, and Bajaj Finance saw the biggest gains. However, HUL, Sun Pharma, Asian Paints, ITC, Power Grid, and HCL Tech declined due to profit-taking.
In the broader market, the Nifty Midcap index rose 1.18 percent, and the Nifty Smallcap index rose 0.94 percent. Sectorally, the Nifty Metal index led the gains with a 2.63 percent gain, followed by realty, consumer durables, and oil and gas. Meanwhile, the FMCG and media sectors closed in the red.