Mumbai, July 31 — Indian benchmark equity indices extended their gains for a third consecutive session on Friday, supported by buying in automobile and financial services stocks, even as information technology shares witnessed profit booking after a recent rally.

The Sensex climbed 166.49 points, or 0.21 per cent, to settle at 78,094.64. The Nifty advanced 66.45 points, or 0.27 per cent, to close at 24,383.60.

Technical analysts noted that the 24,300 level now serves as immediate support for the Nifty, followed by the 24,200 zone. “Holding above these levels will be important to preserve the ongoing recovery structure, while a close below 24,200 could trigger fresh profit booking toward lower support levels,” one analyst said.

Among the top performers on the Nifty were Bajaj Finance, Bajaj Finserv and Jio Financial Services, which led the advance amid sustained buying interest in financial stocks.

The broader market also finished higher, with both the Nifty MidCap and Nifty SmallCap indices rising 0.44 per cent.

On the sectoral front, automobile stocks outperformed the wider market and provided significant support to the headline indices. FMCG stocks were among the other stronger performers. In contrast, the Nifty IT index underperformed and ended a five-session winning streak as investors booked profits, even as global chip stocks continued to show strength.

Market participants observed that positive momentum persisted, although some profit booking appeared at higher levels amid caution over elevated yields and potential rate-hike concerns.

“The sustainability of the recovery will depend largely on the ongoing earnings season, which is currently outperforming forecasts, and on a reduction in global risks,” an analyst stated. “As the earnings season gathers pace, markets will seek confirmation that the recent improvement in earnings is broad-based rather than concentrated in a few sectors,” another market expert added.

The session’s gains reflected selective strength in domestic-oriented sectors even as technology stocks paused after their recent advance.