Gains in select index heavyweights and a strong rally in global markets lifted Indian equity benchmarks to their highest close in more than three months on Friday even as the market breadth remained weak.
The 30-stock Sensex rose 289.52 points, or 0.82%, to close at 35,535.79, its highest close since February 1.
Asian Paints gained the most among the Sensex pack, climbing 6.2%, while Bharti Airtel slid 6.4% after Reliance Jio’s introduction of its cut price post-paid plans sparked investor concerns about margin pressure at Bharti.
“Equity markets may remain broadly range bound at the index levels while we see sectoral and scrip level movements dependent on topical and macro driven developments,” said Viral Berawala, chief investment officer, Essel Mutual Fund.
“Oil prices remain a significant risk,” he added.
Earlier, soft U.S. inflation data that assuaged concerns about the Federal Reserve’s pace of rate increases lifted markets across Asia.
