Nifty rises as IT stocks offset high crude

Information technology was the day’s main support. Tata Consultancy Services climbed 3.73%, Infosys gained 3.10% and HCL Technologies rose 2.44%, helping the Nifty IT index advance 2.72%. Bharti Airtel and Reliance Industries also traded higher, while metal, realty and media shares came under pressure. That divergence fits a market where investors are still rewarding earnings visibility and dollar revenues, while punishing sectors more exposed to domestic costs, rates and cyclical demand.

The oil move matters because India is a major crude importer. Higher prices feed directly into inflation and transport costs and can leave the Reserve Bank of India with less room to ease policy. They also tend to squeeze corporate margins in fuel-intensive industries and add to concern around the rupee, especially when foreign investors are already cautious. Dr V K Vijayakumar of Geojit Investments said lower US bond yields and improving liquidity could support domestic equities, while funds returning after the Jio Platforms IPO allotment could improve sentiment next week.

Technical levels remain important after recent volatility. Axis Direct’s Hemang Gor said 22,800 is the immediate Nifty resistance, with 23,000 likely only if the index can break through convincingly. On the downside, 22,500 is seen as key support. Kotak Neo’s Shrikant Chouhan warned that a fall below 22,550 could open the door to 22,450-22,350. That keeps the market in a range where buyers are still defending dips, but where crude and global risk appetite will continue to dictate whether rallies can extend.

For investors, the message is that India’s benchmark indices can still rise on sector rotation rather than broad conviction. A sustained outperformance from IT could help the market absorb external shocks, but a continued climb in crude or another bout of foreign selling would quickly test that resilience.