Mumbai (Maharashtra) [India], July 3 : Benchmark equity indices ended higher on Friday, as supportive global cues, easing crude oil prices, optimism over a softer global interest rate environment and positive outcomes from the India-Japan Summit lifted investor sentiment.
The Nifty 50 gained 95.15 points, or 0.39 per cent, to close at 24,270.85, while the BSE Sensex rose 261.79 points, or 0.34 per cent, to settle at 77,763.91. The Nifty 50 has surged nearly 1 per cent during this week.
Market experts said positive global cues and easing crude oil prices continued to support investor sentiment.
Vinod Nair, Head of Research at Geojit Investments Limited, said the domestic markets ended higher as they were supported by "supportive global cues and growing expectations of a more accommodative global rate environment" following softer US labour market data.
He added that sentiment was also boosted by "positive outcomes from the India-Japan Summit and continued recovery in the IT sector," while noting that "softening crude oil prices remain a key macro tailwind" for the domestic economy.
Among the sectoral indices, Nifty Realty emerged as the top gainer, rising 2.19 per cent, followed by Nifty IT, which advanced 1.76 per cent, and Nifty Pharma, up 1.72 per cent. Nifty Metal also ended in positive territory with a gain of 0.76 per cent, while Nifty Financial Services and Nifty FMCG edged up 0.18 per cent and 0.02 per cent, respectively.
Nifty Private Bank closed flat. On the losing side, Nifty PSU Bank declined the most, falling 1.54 per cent, followed by Nifty Media, which slipped 0.45 per cent, and Nifty Auto, down 0.44 per cent.
Jateen Trivedi, Vice President, Research Analyst - Commodity and Currency at LKP Securities, said markets were sustained by "supportive global cues and growing expectations of a more accommodative global rate environment," while adding that "softening crude oil prices remain a key macro tailwind" for the domestic economy.
He also said the rupee strengthened by around 22 paise as a "weaker Dollar Index below 100.50 and easing FII selling pressure" supported the domestic currency.
Riyank Arora, Associate Vice President - HNI & Derivatives at Hedged.in, said the broader market trend "continues to favour the bulls," with benchmark indices holding above key support levels.
However, he said investors remain cautious ahead of the weekend, with geopolitical developments in the US-Iran and Russia-Ukraine conflicts, along with the US Federal Reserve's meeting minutes next week, expected to influence global risk sentiment and the dollar's direction.
Among the Nifty 50 stocks, HCL Tech, Max Health, Sun Pharma and Dr Reddy were the top gainers at the close of trade.
On the other hand, Axis Bank, State Bank of India, Larsen & Toubro and Bajaj Auto were among the major losers.
Meanwhile, Brent crude was trading in green on Friday at USD 71.84 per barrel, up 0.06 per cent, at the time of filing this report.
In other Asian markets, South Korea's KOSPI index was the biggest gainer, rising 5.44 per cent to 8,088. Japan's Nikkei 225 advanced 1.31 per cent to 69,645, while Hong Kong's Hang Seng index gained 0.99 per cent to 23,285. Singapore's Straits Times index rose 0.52 per cent to 5,244, and China's Shanghai Composite edged up 0.36 per cent to 4,044.
Gold prices traded higher on Friday, supported by safe-haven demand. At the time of filing this report, spot gold was up 1.38 per cent, at USD 4,179.84 per ounce.