Mumbai, March 20 (IANS) The Indian stock markets ended in the green on Friday but gave up part of their gains in the final hour as rising tensions between Iran and Israel pushed oil prices higher and dampened investor sentiment. The benchmark indices Nifty and Sensex settled off their day’s highs after reports of fresh strikes between Iran and Israel triggered concerns over global energy supplies.The Nifty closed 112.35 points, or 0.49 per cent, higher at 23,114.50, while the Sensex gained 325.72 points, or 0.44 per cent, to end at 74,532.96.From a technical perspective, the Nifty continues to face resistance near the 23,350 zone, reinforcing a sell-on-rise structure, experts said.“A breakdown below 23,000 level could extend the downside towards 22,900–22,950, while on the upside, 23,600 remains a strong supply zone likely to cap any meaningful recovery,” an analyst stated.

During the session, markets had traded higher, but volatility increased in the last hour as crude oil prices rose amid fears of supply disruptions.Reports suggested that tensions in the Middle East could impact global oil availability, which is a key concern for import-dependent countries like India.Broader markets also saw profit booking towards the close. The Nifty MidCap ended 0.67 per cent higher, while the Nifty SmallCap rose marginally by 0.09 per cent, after giving up part of their intra-day gains.On the sectoral front, realty stocks were among the worst performers, with the Nifty Realty declining around 1 per cent. The Nifty Financial Services and Nifty Media also lagged the broader market.

In contrast, defensive and rate-sensitive sectors showed strength. The Nifty Pharma and Nifty PSU Bank emerged as the top gainers during the session. The Nifty IT end the intra-day session with a gain of 2.17 per cent.Market experts said that market participants are expected to remain cautious in the near term, tracking geopolitical developments and movements in crude oil prices closely.Meanwhile, global crude oil benchmark Brent rose in the latter half of the trading day, as supply concerns intensified due to the ongoing conflict in the Middle East.Meanwhile, Indian rupee ends down 1.17 per cent at record closing low of 93.71 per US dollar.“While geopolitical volatility remains a key driver for short-term sentiment, the USDINR technical setup remains bullish; having breached ascending channel resistance, the pair eyes a 93.75 level with support shifting to 92.90,” an analyst mentioned.

/IANS