The dominant force this session is geopolitical, not macro. Brent's 5.7% overnight slide below $90 — its first sub-$90 print in months — is a direct consequence of US-Iran deal optimism compressing the geopolitical premium embedded in energy prices for much of 2025. Non-Iranian crude flows through the Strait of Hormuz surging 50% in June reinforces the supply side of that argument. Oil and Gas, Energy, and PSU names that carry crude as a cost input now face a reset in input-price assumptions.

The domestic floor is coming from DIIs, who absorbed 3,124 Cr Thursday against FII outflows of 2,125 Cr, producing a net positive 999 Cr. That absorption held spot Nifty above the prior session low of 23,072, which now acts as the near-term support thesis; a close below it would undermine the DII-bid narrative. Bank Nifty's marginal +0.14% against Nifty's -0.23% confirms that private banks are the sturdier pillar of domestic-liquidity defense.

The rotation story for today centres on pharma and media, both of which outperformed Thursday, with TORNTPHARM, JBCHEPHARM, and AJANTPHARM all gaining over 2%. Crude's compression eases input costs for healthcare and specialty chemicals, giving a fundamental tailwind to the sector leadership already established in the prior session. Everything pivots on the 16:00 IST CPI print — a beat above the 4% consensus re-prices rate expectations and reverses today's gap-up momentum selectively in rate-sensitive pockets.