Indian benchmark indices closed higher on Friday, supported by gains in financial and IT stocks, after a turbulent session that saw sharp intraday swings.
The Sensex fell over 400 points from its day's high, while the Nifty slipped 135 points from its peak, as investor caution prevailed.Markets remained jittery amid uncertainty over a potential India-U.S.
trade deal and as investors weighed the implications of the market regulator Sebis decision to bar U.S.-based trading firm Jane Street from the Indian securities market over alleged manipulation in the derivatives segment.The BSE Sensex rose 193.42 points, or 0.23%, to end at 83,432.89.
The NSE Nifty advanced 55.70 points, or 0.22%, to close at 25,461.The market capitalization of all listed companies on the BSE increased by Rs 5.32 lakh crore to Rs 461.19 lakh crore.Among the 30 Sensex constituents, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HCL Technologies, and UltraTech Cement were the top gainers, rising between 0.8% and 1.6%.Live EventsFinancial stocks lent support to the benchmarks, with the Nifty Financial Services index closing 0.5% higher.
ICICI Bank, a key index heavyweight, rose 1.2%.Investor sentiment remained cautious ahead of a potential India-U.S.
trade deal, with eyes on former U.S.
President Donald Trumps July 9 deadline for reciprocal tariffs.Broader market action was muted, with both the Nifty Smallcap 100 and Nifty Midcap 100 indices ending flat.In stock-specific action, Bajaj Finance gained 1.6% after reporting a 25% year-on-year rise in assets under management (AUM) in its pre-quarterly update.Marico advanced 2.5% after the consumer goods firm posted low-twenties percentage revenue growth for the June quarter, supported by improving rural demand.On the flip side, shares of Trent plunged 11.9% after the fashion retailer flagged a slowdown in revenue growth at its Annual General Meeting (AGM) and reported a sequential decline in June-quarter revenue.
The update led brokerage Nuvama to downgrade the stock to hold and cut its target price to Rs 5,884 from Rs 6,627.Separately, markets regulator Sebi barred U.S.-based Jane Street Group from the Indian securities market and impounded alleged unlawful gains of Rs 4,843 crore for manipulating stock indices through derivatives trades.Expert ViewThe Indian market is experiencing a pause as investors adopt a wait-and-watch strategy ahead of the impending U.S.
tariff deadline with mixed global cues, said Vinod Nair, Head of Research, Geojit Investments, adding that ongoing FII outflows reflect a risk-off approach, while DII inflows are offering partial support.
"Following the recent rally, main indices are hovering near peak valuation levels, limiting further upside, which is highly dependent on Q1 earnings and details of the trade deal.
In the mid- and small-cap space, the market has shifted to being more stock-specific following the recent recovery," said Nair.The daily chart of the Nifty shows the formation of a hammer pattern, which is generally considered a bullish reversal signal, said Rupak De, Senior Technical Analyst at LKP Securities, adding that key support lies at 25,300, and as long as the index remains above this level, bullish sentiment is expected to persist, with the potential for a swift rebound.
"On the higher side, the index could advance towards 25,80026,100 in the near term.
Immediate resistance is placed at 25,500; a breakout above this level could further strengthen the upward momentum," said De.Global MarketsWord equities were mixed on Friday, with most markets slipping even as U.S.
stocks extended their record-setting rally, amid rising uncertainty over upcoming U.S.
tariff actions.In early European trading, Germanys DAX declined 0.8%, Frances CAC 40 fell 1.1%, and the UKs FTSE 100 slipped 0.4%.
Futures for the S&P 500 and Dow Jones Industrial Average were both down 0.5%.In Asia, Japans Nikkei 225 reversed early losses to end 0.1% higher, while South Koreas KOSPI dropped 2%.
Hong Kongs Hang Seng Index fell 0.6%, whereas Chinas Shanghai Composite gained 0.3%.Investors' nerves were rattled as the end of a 90-day pause on higher U.S.
tariff rates approaches.
Washington is expected to begin notifying countries on Friday of the new tariff rates they will face on goods exported to the U.S., signalling a shift away from previous commitments to negotiate a series of bilateral trade deals.President Donald Trump, speaking before his departure for Iowa on Thursday, said letters would be sent to 10 countries at a time, outlining tariff rates of 20% to 30%.
The pause on higher tariffs expires on July 9, with several major trading partners, including the European Union and Japan, yet to reach agreements.