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The dollar strengthened against the euro as U.S. economic data revealed higher-than-expected retail sales and lower unemployment claims. This alleviated recession concerns and reduced expectations for significant rate cuts by the Federal Reserve in the upcoming month. Consequently, the euro fell from its seven-month high.

Oil prices fell marginally in early Asian trading on Friday but were on track for a second consecutive weekly gain after favorable U.S. economic data allayed recession concerns. Brent and WTI crude futures posted weekly increases. U.S. retail sales and unemployment data boosted confidence, but demand signals from the U.S. and China remained inconsistent.

Harsha Upadhyaya, CIO-Equity at Kotak AMC, observed that mid and small-cap stocks have outperformed large-caps since the COVID lows. However, he noted a potential decline in this trend, anticipating similar earnings growth for mid, small, and large-caps by FY26. Pharma remains a sector with selective investment opportunities, while thematic mutual funds may see fluctuating inflows.

Asian markets saw gains on Friday after positive US employment and spending data eased recession worries. Japan, Australia, and South Korea benefited from improved US retail sales and lower jobless claims. US stock indices, including the S&P 500, continued their upward trend. Analysts believe this reflects reduced fears of a recession, aided by potential Federal Reserve rate cuts.

Stocks in news: The domestic markets closed flat on Wednesday. Hindustan Zinc set a floor price of Rs 486 for its offer for sale. SpiceJet’s net profit fell by 20%. Ola Electric posted a wider net loss. Karnataka suspended dealings with SBI and PNB. Glenmark Pharma reported a Q1 net profit of Rs 340 crore.

Sonata provides solutions to modernise the technology infrastructure used by clients across verticals including banking, financial services and insurance (BFSI), healthcare, retail, manufacturing, travel, media and telecom around the world. For the international business, the company has a high client concentration with top 10 customers contributing half of the segment revenue.

The Dow Jones Industrial Average rose 287.3 points, or 0.72%, at the open to 40295.74

CMS Info Systems reported a 17% revenue growth in Q1FY25, reaching ₹599 crores. The company highlighted its expansion in cash logistics and technology solutions, with significant new orders and strategic growth plans. Supported by macroeconomic conditions, the firm expects continued revenue growth, reflecting strong fundamentals and investor confidence.

Sectorally, buying was observed in auto, consumer durables, and IT stocks, while power, energy, and metal stocks saw some selling.

The S&P BSE Sensex rose by 0.19% to close at 79,105, while the NSE Nifty50 ended above the 24,100 level.Navdeep Singh, ETMarkets.