The Indian stock market closed in the green on Friday, although Sensex and Nifty erased most of the intraday gains to close near intraday lows after the closing auction session (CAS).Sensex gained 363 points to close at 76,515 while Nifty 50 rose over 24 points to end the session below 23,898 on Friday. Broader markets closed mixed, with Nifty Midcap 100 slipping into the red, while Nifty Smallcap 100 closed in the green.Tata Steel shares jumped 3% to lead gains on Sensex, while Reliance Industries shares surged around 2%. Bajaj Finance, Trent, Adani Ports, HDFC Bank, Kotak Mahindra Bank, UltraTech Cement and Titan shares rose more than 1% each to follow. Bucking the trend, Bharti Airtel, HCLTech and Eternal shares fell over 1% each.Among the sectors, Nifty Metal jumped over 1% to lead gains, while Nifty Pharma dropped around 0.7%. The overall market breadth remained positive, with NSE seeing 2,017 advances against 1,520 declines, while 111 stocks remained unchanged.What lies ahead for Dalal Street?Indian equities witnessed a relief rally as concerns over an imminent US Fed rate hike eased, said Vinod Nair, Head of Research at Geojit Investments. He however noted that the gains remained capped due to profit booking at higher levels and persistent geopolitical tensions in the Middle East.Investor focus remains on the US employment data due later today, while next week's US CPI print will be crucial in assessing the interest rate outlook, the analyst said. “Consensus expectations of a marginal decline in core inflation for August could strengthen expectations of a pause in Fed rate hikes and help contain bond yield volatility. On the domestic front, stock- and sector-specific buying remained evident across the broader market, with small-cap indices touching fresh intraday lifetime highs. Strong earnings momentum, resilient economic growth, and robust domestic demand continue to underpin investor confidence in the broader market,” he added.Technical view on NiftyNifty remained extremely sideways during the day as traders stayed on the sidelines ahead of the important US non-farm payroll and unemployment data, which could have a significant bearing on the Fed’s rate decision, said Rupak De, Senior Technical Analyst at LKP Securities.“The short-term trend is likely to remain weak as the index continues to trade below the 50-EMA on the hourly chart. A sell-on-rise sentiment may continue to prevail as long as the index remains below the 24,000–24,200 zone. On the lower end, support is placed at 23,830 and 23,700,” the analyst added.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)