Sensex, Nifty hold gains at midday; financials, Adani stocks take over from IT as breadth stays strong

Markets sustained their morning gains through the midday session on Friday, with the BSE Sensex trading at 77,394.76, up 652.94 points or 0.85 per cent, and the NSE Nifty 50 at 24,165.75, a gain of 202.95 points or 0.85 per cent, as of 12.17 pm. Both indices opened with a strong gap-up but spent the bulk of the morning in a narrow band of less than 0.25 per cent, as per SBI Securities.

Market breadth remained firmly in favour of buyers. Of 4,211 stocks traded on the BSE, 2,786 advanced against 1,222 declines, with 203 unchanged. A total of 117 stocks hit 52-week highs, while 58 touched 52-week lows. Stocks in upper circuit numbered 150, against 129 in lower circuit. The Nifty 50’s Advance Decline Ratio stood at 34:16.

Leadership in the session shifted from information technology, which dominated the morning, to financial and infrastructure stocks. Jio Financial Services was the top Nifty 50 gainer at midday, rising 3.34 per cent to ₹241.16 from a previous close of ₹233.37. HDFC Life Insurance gained 3.01 per cent to ₹568.45. Adani Enterprises advanced 2.67 per cent to ₹3,166.00, while Adani Ports rose 2.12 per cent to ₹1,838.20. IndiGo climbed 2.10 per cent to ₹5,339.50, reflecting strength in the aviation sector.

Reliance Industries, ICICI Bank, and HDFC Bank were identified as the top contributors to Nifty’s gains by SBI Securities, alongside continued strength in IT following better-than-expected quarterly results and positive commentary from Tata Consultancy Services.

“Better-than-expected quarterly results from TCS have further boosted investor sentiment, with the IT sector emerging as one of the key gainers in early trade,” said Ponmudi R, CEO of Enrich Money, a SEBI-registered trading and wealth-tech firm.

On the losing side, consumer and pharma stocks faced selling pressure. Eternal was the top Nifty 50 loser, declining 1.59 per cent to ₹287.80 from a previous close of ₹292.45. Dr Reddy’s Laboratories continued its slide, falling 1.17 per cent to ₹1,246.70 after closing Thursday at ₹1,269.50. Bharti Airtel weakened further, down 1.06 per cent to ₹1,910.70. Apollo Hospitals dipped 0.39 per cent to ₹8,811.00, and Coal India edged down 0.33 per cent to ₹428.50.

On the commodity front, crude oil prices retreated to near $72 per barrel, easing pressure on the broader economy. MCX Crude Oil opened above ₹6,900 after rejecting highs near ₹7,300, with resistance at ₹6,950–₹7,000. “The near-term bias remains bullish, with volatility contingent on Middle East and Strait of Hormuz developments,” Ponmudi noted.

Gold markets reflected a cautious tone. COMEX Gold traded above the $4,100–$4,120 support zone, with resistance at $4,200–$4,230. MCX Gold was trading near ₹1,45,000, with immediate resistance at ₹1,45,000–₹1,45,500. COMEX Silver held near $61, while MCX Silver traded around ₹2,26,000, with resistance at ₹2,27,000–₹2,28,000.

The Indian rupee remained under pressure despite softer crude. The USD/INR pair was trading near ₹95.2, range-bound between ₹95.1 and ₹95.4, with momentum indicators signalling fading bullish pressure on the dollar. “Lingering geopolitical tensions in the Middle East continue to keep the domestic currency under pressure,” Ponmudi said.

On the technical front, SBI Securities placed Nifty support in the 24,020–24,040 zone and resistance at 24,270–24,290. A break below 24,020 could expose the 23,870–23,890 band, while a move above 24,290 could extend gains toward 24,490. For Sensex, support was placed at 76,700 and resistance at 77,500.

Options data pointed to a cautious market structure. “Meaningful call writing was witnessed across 24,200 and 24,300 strikes. On the put side, 24,100 has substantial open interest, followed by 24,000,” SBI Securities noted, suggesting traders expect the index to remain broadly rangebound into the close unless a decisive breakout emerges.