Indian Markets Edge Higher Amid U.S.-Iran Peace Talks; IT and Insurance Stocks Weigh on Gains

Indian equity markets traded modestly higher on Friday, supported by easing oil prices and optimism ahead of upcoming U.S.-Iran peace talks. The Nifty 50 rose 0.34% to 24,279, while the Sensex gained 0.38% to 78,290.04 in morning trade. Both benchmark indices have climbed around 1% this week, building on a strong 6% rally last week—their best weekly performance in five years. Broader markets also saw momentum, with mid-cap and small-cap indices advancing about 1% each.

Gains, however, were partially offset by declines in key stocks such as Wipro and HDFC Life Insurance, following weaker-than-expected quarterly results. Wipro dropped nearly 3% after forecasting subdued demand due to reduced spending by U.S. banking and financial clients, dragging the IT index lower. Meanwhile, HDFC Life Insurance fell over 3% after reporting a decline in new business value despite a slight increase in profit, making both stocks among the top losers on the Nifty 50.

Investor sentiment remained cautiously optimistic as Brent crude prices stayed below $100 per barrel for the ninth consecutive session, offering relief to India, a major oil importer. Analysts expect a consolidation phase in the near term, with the Nifty likely to trade between 23,400 and 24,400 points. Market participants are also closely watching the outcome of the U.S.-Iran talks and upcoming earnings reports from major private lenders, including HDFC Bank and ICICI Bank, which could influence market direction in the coming sessions.

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