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Indian Equities Rally on Infosys Earnings,Global Markets Show Caution
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A strong performance from IT major Infosys fueled a surge in Indian stock markets on Friday,tho global headwinds tempered overall optimism.
Indian equity benchmarks closed higher on Friday, driven by a positive earnings surprise from Infosys and a subsequent rally in IT stocks. The BSE Sensex reached an intraday high of 84,134.97, while the NSE Nifty 50 touched 25,873.50 before settling at 25,694.35 – a gain of 29 points, or 0.11%. The Sensex closed up 0.23% at 83,570.35.
The gains came as Infosys reported strong earnings, reigniting investor appetite for risk and lifting heavyweight IT stocks. “The IT sector outperformed, supported by an upward revision in revenue growth projections from a leading industry bellwether, coupled with expectations of a strong Q4 performance,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global Markets
While Indian markets benefited from domestic factors, global markets presented a more cautious picture. U.S. equities finished Friday little changed after a volatile session ahead of the long holiday weekend, closing the week in negative territory as the fourth-quarter earnings season began. The Dow Jones Industrial Average slipped 0.17% to 49,359.33,the S&P 500 edged down 0.06% to 6,940.01, and the Nasdaq Composite fell 0.06% to 23,515.39.
European stocks also ended Friday on a subdued note, weighed down by losses in luxury and mining shares. the pan-European Stoxx Europe 600 index closed essentially unchanged at 614.38, as geopolitical unease and a heavy earnings calendar contributed to investor caution.
Technical Outlook: Bearish Signals Emerge
Despite the day’s gains, technical indicators suggest a potential for further downside. According to a technical analyst at LKP Securities, the Nifty index closed forming a bearish gravestone doji candlestick, with the Relative Strength index (RSI) showing a bearish crossover.The index is currently consolidating within a range of 25,550-25,600 and 25,850-25,900.
“A lasting bullish bias can emerge onyl after the index decisively reclaims its 50-day SMA,” the analyst stated. Immediate support is seen at 25,550-25,600, with resistance near 25,900. Further declines coudl unfold if the index falls below 25,600.
Market Movers
Most Active Stocks (Value Terms): HDFC Bank (Rs 3,510 crore), infosys (Rs 3,247 crore), RIL (Rs 2,514 crore), Vedanta (rs 1,882 crore), Eternal (Rs 1,833 crore), Federal Bank (Rs 1,782 crore), and ICICI Bank (Rs 1,771 crore) saw the highest trading volumes in terms of value on the BSE.
most Active Stocks (Volume Terms): Vodafone Idea (55.4 crore shares), IFCI (25 crore shares), YES Bank (17 crore shares), Suzlon Energy (10.5 crore shares), Ola Electric Mobility (6.72 crore shares), Federal Bank (6.68 crore shares), and NHPC (6.29 crore shares) were among the most actively traded stocks on the NSE in terms of volume.
Buying Interest: Shares of Federal Bank, Angel One, IndiaMART Intermesh, Zen Technologies, IFCI, oracle, and Infosys witnessed strong buying interest.
52-Week Highs/Lows: Over 84 stocks hit their 52-week highs, including SBI and Tata Steel, while 260 stocks slipped to their 52-week lows.
Selling Pressure: Eternal, Asian Paints, Sun pharma, Maruti Suzuki, ITC, NTPC, and Kotak Mahindra Bank experienced significant selling pressure.
Overall market sentiment was bearish, with 2,395 stocks declining
