Domestic stock markets continued their gains for the second consecutive session. Falling international crude oil prices and strong buying, especially in IT sector shares, helped the indices rise. At the end of trading on Friday, the BSE Sensex gained 413.70 points (0.56%) to settle at 74,729.27. Similarly, the NSE Nifty rose 148.80 points (0.65%) to close at 23,146.15. The Nifty crossed the key mark of 23,100 during trading.

The rally was mainly led by IT shares. Biggies like Tech Mahindra, Tata Consultancy Services (TCS) and Infosys were the top gainers in the Nifty, giving a boost to the market. Sector-wise, the Nifty IT index gained the most, while the Nifty Oil and Gas index suffered losses due to selling pressure.

However, despite the gains in the major indices, the broader market was mixed. The Nifty Midcap 100 index lost 0.11% and the Smallcap 100 index lost 0.01%. This suggests that the market rally is limited to a few select sectors.

According to market analysts, falling crude oil prices have reduced concerns over inflation. This has strengthened investor sentiment. Technically, experts say that the Nifty's stability above the 23,000 mark is a positive sign. If it continues above this level, it is expected that the Nifty is likely to go to the 23,500-23,600 zone. He said that immediate support is at 22,800 and resistance is at 23,200. He believes that for the recovery in the markets to continue sustainably, growth is needed not only in the IT sector, but also in other sectors.