Indian equities extended their recovery on Friday, with sustained buying in information technology stocks lending support to the broader market. Strong quarterly earnings and upbeat management commentary reinforced investor confidence in the sector’s earnings outlook.
The Nifty 50 advanced 149 points, or 0.65%, to close at 23,146. A sustained close above the 23,150 mark could extend the recovery towards 23,300–23,500, according to Hariselvan Radhakrishnan, founder and CEO of HST Wealth. However, Radhakrishnan cautioned that Bank Nifty needs to break above 56,000, while broader market participation must improve for the rally to gain durability. A failure to sustain above 23,000, he said, would suggest that the recovery remains narrow and vulnerable to elevated crude oil prices, higher bond yields and renewed foreign selling.
