Markets opened marginally higher on Friday, with the Sensex increasing by 55.73 points or 0.07 percent to reach 85,776.11. The Nifty gained 9.50 points or 0.04 percent, climbing to 26,225.05 as of 9:43 AM. On Thursday, the Sensex closed at 85,720.38 and opened today at 85,791.55, while the Nifty closed at 26,215.55, opening at 26,237.45.
Among the Nifty50 constituents, Mahindra & Mahindra led the gainers, rising 1.69 percent to ₹3,743.30, followed by Adani Enterprises, up 0.74 percent to ₹2,271.60. Reliance Industries increased by 0.66 percent to ₹1,573.70, Hindalco rose 0.64 percent to ₹812.70, and Hindustan Unilever climbed 0.64 percent to ₹2,467.50.
On the downside, HDFC Life fell 0.67 percent to ₹772.60, Power Grid declined 0.57 percent to ₹272.15, Asian Paints slipped 0.54 percent to ₹2,863.50, Axis Bank decreased 0.48 percent to ₹1,281.10, and Bajaj Auto lost 0.45 percent, trading at ₹8,981.50.
“Indian equity markets are likely to enter a consolidation phase today after hitting fresh record highs in the previous session,” said Ponmudi R, CEO of Enrich Money. He noted that overall sentiment remains constructive, bolstered by strong domestic institutional flows, resilient performance in banking and metal stocks, and favorable global cues, including softer U.S. bond yields.
Ponmudi pointed out that the Nifty 50 is hovering near its lifetime high resistance zone of approximately 26,277-26,300. “As long as the index remains above 26,000, the broader trend continues to stay positive,” he added. Meanwhile, the Bank Nifty leads the broader market after successfully surpassing its long-term resistance near 59,700, with the next major psychological obstacle at 60,000.
“Nifty, Sensex, and Bank Nifty all advanced to record territory on Thursday, with Nifty’s close above 26,300 marking the end of a 14-month consolidation and signaling a potential fresh rally,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities. He highlighted that the mood remains buoyant, driven by expectations of dual rate cuts from the U.S. Federal Reserve and the Reserve Bank of India and optimism regarding a potential U.S.-India trade deal, despite foreign institutional investors selling shares to the tune of ₹1,255 crore.
However, Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, cautioned that the rally is narrow, indicating that the new records achieved by Nifty and Sensex stem from a limited range of performing large-cap stocks. “Despite reaching new highs, the Nifty Smallcap Index is still about 9 percent below its peak,” he said.
In commodities, gold traded near $4,190 per ounce, while silver neared $54 in the international market. “Precious metals have risen in confidence regarding a potential December Fed rate cut, aided by dovish comments from Federal Reserve officials and softer economic indicators,” explained Rahul Kalantri, Vice President of Commodities at Mehta Equities.
WTI crude was trading near $59 per barrel, heading for its fourth consecutive monthly decline. The India VIX stood around 11.79, indicating a low-volatility environment.
