Indian stock markets traded higher on Friday, October 30, as gains in IT stocks and strong quarterly results from select companies supported investor sentiment. At 9:52 AM IST, the Sensex rose 0.25% to 74,332.39, while the Nifty 50 gained 0.24% to 22,987.40. However, Brent crude above $116 per barrel, escalating US-Iran tensions and weakness in broader markets are the key factors that limited the gains.

1. IT Stocks Lead the Recovery

The Nifty IT index gained around 1.7% as technology shares attracted buying interest. Investors viewed Indian IT companies as relatively defensive amid concerns about heavy artificial intelligence spending by global technology firms. The sector’s gains helped support the benchmark indices. (Reuters)

2. Strong Quarterly Results Support Select Stocks

Trent shares jumped around 6% after reporting encouraging September-quarter results, while InterGlobe Aviation gained around 4%. Their performance supported the benchmarks and showed that investors continued to reward companies delivering strong earnings growth. However, Coal India fell around 2.5% after missing profit expectations. (Reuters)

3. Reliance Industries and Jio Platforms Results in Focus

Investors are closely watching the September-quarter results of Reliance Industries and Jio Platforms. Their earnings could influence market direction because of their importance in the benchmark indices. Sun Pharma, Bharat Electronics and several other companies are also scheduled to announce results on Friday. (ET Now)

4. High Crude Oil Prices Limit Market Gains

Brent crude remained elevated around $116 to $117 per barrel amid supply concerns and worsening Middle East tensions. Reports of possible renewed US military action against Iran have added to uncertainty. Higher oil prices could increase India’s import bill, weaken the rupee and raise costs for several domestic industries. (Reuters)

5. Weak Global Markets and Foreign Investment Concerns

Asian markets remained under pressure, with Japan’s Nikkei falling around 3% and South Korea’s Kospi declining sharply. Strong US economic growth and elevated inflation have also raised concerns that US bond yields may remain high, attracting foreign money towards safer assets. This could limit foreign investment in emerging markets such as India. (NDTV Profit)

Key Technical Analysis

Sensex: Immediate resistance is placed around 74,484, followed by 74,817. On the downside, support is near 73,500, followed by 72,849. A sustained move above 74,500 could strengthen the recovery.

Nifty 50: Immediate resistance is around 23,047, followed by 23,157. Support is placed near 22,742 and 22,547. Holding above 22,900 will be important for maintaining positive momentum.

Bank Nifty: Immediate resistance is near 55,244, followed by 55,578. Support is placed around 54,312 and 53,714. The index needs to sustain above its previous close of 54,909 to maintain its positive short-term momentum.

Today’s Key Takeaway

IT stocks and strong quarterly results are supporting the Indian market, while earnings expectations for Reliance Industries and Jio Platforms are keeping investors engaged. However, crude oil above $116, geopolitical tensions and weak Asian markets remain concerns. Investors will closely track corporate earnings, global cues and oil prices for further direction.

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