Mumbai, March 20 (NationPress) The Indian stock markets concluded the trading session positively on Friday; however, gains were partially relinquished in the closing hour due to escalating tensions between Iran and Israel, which led to a surge in oil prices and affected investor confidence.

The primary indices, Nifty and Sensex, finalized their session below the day's peaks after reports of renewed strikes in the Middle East raised alarms regarding global energy supplies.

The Nifty finished up by 112.35 points, or 0.49 percent, at 23,114.50, while the Sensex advanced 325.72 points, or 0.44 percent, concluding at 74,532.96.

From a technical standpoint, the Nifty is encountering resistance around the 23,350 mark, which supports a sell-on-rise strategy, according to analysts.

“A dip below the 23,000 threshold could lead to further declines towards 22,900-22,950, while the 23,600 level remains a significant resistance zone that may hinder any substantial recovery,” mentioned an expert.

Throughout the trading day, the markets exhibited upward movement, but volatility spiked in the final hour as crude oil prices escalated amid concerns over supply interruptions.

Reports indicated that the ongoing Middle Eastern tensions could adversely affect global oil availability, a major concern for import-reliant nations like India.

The broader market spectrum also experienced profit-taking towards the end. The Nifty MidCap increased by 0.67 percent, while the Nifty SmallCap saw a modest rise of 0.09 percent after surrendering part of their intraday profits.

Sector-wise, realty stocks were notably among the underperformers, with the Nifty Realty index dropping approximately 1 percent.

The Nifty Financial Services and Nifty Media sectors also lagged behind the overall market performance.

Conversely, defensive and interest-sensitive sectors showed resilience, with Nifty Pharma and Nifty PSU Bank standing out as the top gainers in the session.

Market analysts predict that investors will likely remain cautious in the short term, closely monitoring geopolitical updates and fluctuations in crude oil prices.

Meanwhile, global benchmark Brent crude oil prices rose during the latter portion of the trading day, as supply apprehensions escalated due to the ongoing conflict in the Middle East.

Additionally, the Indian rupee depreciated by 1.17 percent, reaching a record closing low of 93.71 against the US dollar.

“Although geopolitical instability plays a crucial role in influencing short-term sentiment, the USDINR technical framework remains optimistic; having surpassed ascending channel resistance, the pair targets the 93.75 level with support shifting to 92.90,” an analyst noted.