Indian equities closed modestly higher on Friday, driven by advances in banking, metals and consumer durables stocks that offset losses among some healthcare and energy names.
At the close on the National Stock Exchange, the Nifty 50 gained 0.27%. On the Bombay Stock Exchange, the BSE Sensex 30 finished the day up 0.31%.
The strongest performers on the Nifty 50 were Trent Ltd (NSE:TREN), Shriram Finance Ltd. (NSE:SHMF) and Axis Bank Ltd (NSE:AXBK). Trent rose 3.18% - a climb of 132.60 points - to end the session at 4,303.00. Shriram Finance advanced 2.96% or 27.05 points to finish at 941.80, while Axis Bank gained 2.68% or 33.60 points to close at 1,286.90.
On the downside, Sun Pharmaceutical Industries Ltd. (NSE:SUN) recorded the steepest fall among major Nifty names, sliding 2.71% or 51.30 points to finish at 1,840.00. Oil And Natural Gas Corporation Ltd (NSE:ONGC) declined 1.99% or 5.90 points to close at 289.95, and ITC Ltd (NSE:ITC) was down 1.96% or 6.05 points to end the session at 302.00.
Movements on the BSE Sensex 30 broadly mirrored those on the NSE. Axis Bank (BO:AXBK) was a top gainer, rising 2.66% to 1,286.90. ICICI Bank Ltd (BO:ICBK) added 1.91% to settle at 1,266.65 and IndusInd Bank Ltd. (BO:INBK) climbed 1.48% to close at 913.00.
The laggards on the Sensex included Sun Pharmaceutical Industries Ltd. (BO:SUN), which fell 2.67% to 1,840.70, ITC Ltd (BO:ITC) which lost 1.95% to 302.00, and Power Grid Corporation of India Ltd (BO:PGRD) which dropped 1.74% to finish at 294.40.
Market internals were constructive. On the NSE, advancing issues outnumbered decliners 1303 to 1214, with 51 stocks unchanged. The BSE saw 2053 shares rise against 1875 that fell, and 168 ended unchanged.
Volatility retreated slightly: the India VIX, which measures implied volatility for Nifty 50 options, dipped 0.07% to 17.81.
Commodities and currencies showed mixed moves. Gold futures for June delivery fell 0.70% or 31.88 to $4,526.12 a troy ounce. Crude oil for July delivery rose 2.23% or 2.15 to $98.50 a barrel, while the July Brent contract increased 2.81% or 2.88 to trade at $105.46 a barrel.
Currency pairs moved lower against the rupee. USD/INR dropped 0.36% to 95.68, and EUR/INR fell 0.67% to 111.02. The US Dollar Index Futures was higher by 0.18% at 99.28.
Overall, Friday's session left major Indian indices modestly higher with banks and select consumer names providing upward momentum and a handful of large-cap pharmaceuticals and energy companies detracting from gains. Market breadth and eased volatility reflected a generally constructive trading day.