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Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month.

The 200 DMA is used as a key indicator by traders for determining the overall trend in a particular stock.

According to analysts, the market is under pressure due to uncertainty over the election outcome and selloff by foreign investors. The India VIX (volatility index) closed higher for the 11th consecutive session on Thursday. The so-called fear gauge has jumped nearly 80% from a low in April. This period of heightened volatility - marked by ups and downs in share prices - presents buying opportunities for long-term investors, market players said.

When the closing price falls below the VWAP, it signifies that the closing price is lower than the average price at which it was traded throughout the day, with the average being weighted by trading volume.

Devang Mehta discusses the positive macroeconomic outlook for India, the impact of global trends on the market, and the growth potential in sectors like energy, renewable energy, and EVs, emphasizing the importance of fundamental analysis in IPO decisions. Mehta also says the next 30 days can see a bit of increased volatility as politics take the centrestage and all eyes will be on the election trends and actual results.

In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling U.S. job market as an indication of possible interest rate cuts.

Financial markets expect the Fed to start its easing cycle in September. Lower interest rates reduce the opportunity cost of holding gold.

Asked whether officials might raise interest rates again, he said he thought they probably would not -- but he also avoided fully ruling out the possibility. And when asked, twice, whether he thought rates were high enough to bring inflation fully under control, he twice tiptoed around the question.

State-run BPCL on Thursday posted a 35% drop in its standalone net profit at Rs 4,224 crore in the fourth quarter, compared with Rs 6,478 crore in the last year period.