The stock markets extended their recovery on Friday, with the benchmark Sensex rising more than 300 points and the Nifty 50 moving above the crucial 23,000 mark during morning trade. Buying in information technology, pharmaceutical and healthcare stocks supported the gains, although elevated crude oil prices and weak global market signals continued to keep investors cautious.
The positive movement followed a strong session on Thursday, when the Sensex surged 905 points and the Nifty closed above 22,900. The recovery was supported by buying across sectors after the US Federal Reserve decided to keep interest rates unchanged.
At the opening bell on Friday, the market witnessed a relatively subdued start. The Sensex opened at 74,199.69, while the Nifty began trading at 22,964.50. At around 9.47 am, the Sensex was trading at 74,236.30, gaining 85.26 points or 0.11%. The Nifty stood at 22,956, up 19.25 points or 0.08% from its previous close.
However, buying interest strengthened as the session progressed. By around 9.52 am, the Sensex had gained more than 200 points, while the Nifty moved back above 23,000. The upward momentum continued through the morning, with the Sensex climbing over 300 points by around 11.21 am. At 11.52 am, the Nifty was trading at 23,071.90, up 135.16 points.
The movement indicated improving investor confidence following Thursday’s strong recovery, although gains remained concentrated in select sectors rather than spreading across the broader market.
Among the stocks, Trent emerged as one of the notable gainers on the BSE and NSE. The Tata Group retail company’s shares climbed as much as 7% to touch Rs 3,059 on the BSE after it reported encouraging September-quarter results. Trent posted a consolidated net profit of Rs 468.09 crore in the second quarter of FY27, marking a 25% increase from Rs 373.42 crore recorded in the corresponding quarter last year.
Sun Pharmaceutical Industries and Infosys were also among the prominent gainers during early trading. Both stocks advanced around 2% shortly after the opening bell, providing support to the benchmark indices.
Other stocks featuring among the leading gainers on the BSE included TCS, Tech Mahindra, IndiGo, NTPC, Power Grid, Eternal, HCL Technologies, Kotak Mahindra Bank, ITC and Adani Ports.
On the NSE, the list of leading gainers included Trent, Sun Pharma, Infosys, TCS, Tech Mahindra, IndiGo, Eternal, Power Grid, Cipla, Max Healthcare, Maruti Suzuki, ICICI Bank, Bharti Airtel and ONGC.
The pharmaceutical and healthcare segments also attracted buying interest, while information technology stocks remained among the stronger performers. The IT index gained around 1.8% in early trading, reflecting the sector’s resilience despite weakness in some global technology shares.
However, the rally was not uniform across the market. Several heavyweight stocks came under selling pressure, limiting the overall gains. On the BSE, Bharat Electronics, Tata Steel, Bajaj Finance, Titan, Reliance Industries, Hindustan Unilever, Larsen & Toubro, Axis Bank, HDFC Bank and Mahindra & Mahindra were among the notable laggards.
On the NSE, Coal India, Nestle India, Bharat Electronics, Asian Paints, Titan, Adani Ports, State Bank of India, BSE, Bajaj Finserv, JSW Steel, Reliance Industries, Tata Motors Passenger Vehicles and ITC featured among the top losers.
Sectoral performance also reflected the cautious mood. Information technology, pharmaceuticals and healthcare stocks led the gains, with midcap and smallcap technology shares also attracting buying. In contrast, consumer durables, fast-moving consumer goods, metals and cement stocks remained under pressure. Automobile, media, oil and gas and some financial stocks also traded lower.
One of the biggest concerns for investors remained the sharp rise in international crude oil prices. Brent crude was trading above $117 per barrel amid renewed geopolitical tensions and concerns over possible disruptions to global energy supplies. The possibility of further military action involving the United States and Iran after the November 3 midterm elections added to uncertainty.
Higher crude oil prices are particularly important for India because the country depends heavily on imported energy. A sustained rise in oil prices could increase the import bill, put pressure on the rupee and contribute to domestic inflation. It could also affect the profitability of companies in sectors that depend heavily on fuel and transportation.
Market experts cautioned that these external pressures could restrict the sustainability of the ongoing recovery. V K Vijayakumar, chief investment strategist at Geojit Investments, pointed to the growing crude oil headwind and the unfavourable market environment despite occasional buying by foreign institutional investors.
He also highlighted an interesting trend in the smallcap segment. After last week’s sharp selloff, investors and domestic institutional participants have started looking at growth-oriented smallcap stocks. The earlier correction, partly triggered by the forced liquidation of margin-funded positions, has created opportunities for some investors to accumulate selected shares. However, high valuations remain a concern.
From a technical perspective, the Nifty faces immediate resistance in the 23,000-23,100 range. The 22,850-22,800 zone remains an important support area. A sustained move above 23,000 could strengthen the recovery, while a decline below the support range could revive selling pressure.
Investors were also keeping an eye on quarterly earnings from major companies, including Reliance Industries and Sun Pharma. Corporate earnings, foreign investor activity, crude oil movements and international developments are likely to influence market direction in the coming sessions.
Meanwhile, the India VIX, which measures expected market volatility, rose more than 3% during the morning session, indicating that uncertainty remained despite the benchmark indices moving higher.
The immediate focus for investors is whether the Sensex and Nifty can sustain their gains and establish a stronger recovery after recent volatility. While buying in IT and pharmaceutical shares has provided support, rising oil prices and uncertain global cues continue to pose challenges for the Indian equity market.