Mumbai (Maharashtra) [India], October 30 (ANI): Indian equity markets closed higher on Friday, with benchmark indices Sensex and Nifty gaining around 0.5 per cent, supported by gains in IT and pharmaceutical stocks. However, weak broader-market participation and losses across several major sectoral indices limited the overall market momentum.

The NIFTY 50 index closed at 23,053.10, gaining 116.35 points or 0.51 per cent, while the BSE Sensex settled at 74,459.53, rising 308.49 points or 0.42 per cent.

Among sectoral indices on the NSE, Nifty IT led the gains, surging 2.16 per cent, followed by Nifty Pharma, which advanced 1.67 per cent. Nifty Healthcare also gained 1.59 per cent.

However, most other major sectoral indices ended in the red. Nifty Auto declined 0.82 per cent, Nifty FMCG lost 0.59 per cent, while Nifty Media fell 1.58 per cent. Nifty Metal slipped 0.66 per cent, Nifty PSU Bank declined 1.15 per cent, and Nifty Realty ended 0.93 per cent lower.

Among the Nifty 50 constituents, Trent, IndiGo, Infosys, Sun Pharma and HCL Technologies were among the top gainers. On the other hand, Shriram Finance, Adani Ports, Mahindra & Mahindra, Adani Enterprises, Nestle India and SBI featured among the major losers.

Vikram Kasat, Chief Business Officer - Advisory and Dealing at PL Capital, said, 'Brent crude hovering around $115 per barrel, amid escalating Middle East tensions, remains a key concern for India's import bill, inflation and currency stability. Going forward, earnings resilience and domestic flows could support equities, but sustained foreign outflows and elevated crude prices warrant selective positioning, with preference for fundamentally strong companies.'

Meanwhile, developments in the currency and global bond markets remained important factors for investors.

Rajeev Sharan, Head of Research at Brickwork Ratings, said the rupee strengthened by 7 paise to 95.19 against the US dollar in early trade on Friday, compared with Thursday's close of 95.26, and moved towards 95.07 by the afternoon.

He attributed the improvement partly to a decline in US 10-year bond yields to 4.90 per cent and a softer dollar index near 101.75.

Sharan also highlighted the IMF's view that the rupee should act as the first line of defence against energy shocks by moving more freely, rather than the RBI spending its reserves to support the currency.

However, he noted that with Brent crude futures near USD 116 and foreign investors selling INR 944 crore worth of equities on Thursday, a sharp fall in the rupee could quickly add to domestic inflation.

In the commodities market, Brent crude oil prices were trading 1.95 per cent higher at USD 113 per barrel at the time of reporting, keeping concerns over India's import bill in focus.

Precious metals continued to witness selling pressure. Gold prices declined 0.58 per cent to Rs 1,41,768 per 10 grams for 24-karat gold, while silver prices fell 2.35 per cent to Rs 1,84,997 per kg.

Meanwhile, most other Asian markets ended lower. Hong Kong's Hang Seng index was an exception, gaining 1.47 per cent to close at 23,300.

Japan's Nikkei 225 declined 2.52 per cent to settle at 63,070, while Singapore's Straits Times fell 0.36 per cent to 5,376. Taiwan's weighted index dropped 2.56 per cent to 45,211, and South Korea's KOSPI declined 3.61 per cent to close at 5,730. (ANI)