The benchmark equity indices ended Friday’s trading session in the positive territory. The NSE Nifty 50 gained 468.75 points or 2.05% to settle at 23,290.15, while the BSE Sensex jumped 1618.85 points or 2.16% to 76,693.36. Bank Nifty index ended higher by 511.30 points or 1.04% to settle at 49,803.20.
The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. IT and Auto stocks outperformed among the other sectoral indices while FMCG and Banks stock shine.
Mahindra & Mahindra, Wipro, Tech Mahidra, Infosys, and Tata Steel were the top gainers on the NSE Nifty 50, while the laggards includes Hindalco Industries, SBI Life Insurance, and Tata Consumer Products.
The Indian Volatility Index (India VIX) closed flat, marginally higher by 0.49% at 16.88 as the market stabilized following the NDA forming the government for the third time.
“Nifty opened on a flat note and inched higher throughout the day to close with a gain of 469 points. On the daily charts we can observe that the Nifty has been inching higher after a sharp decline on Tuesday earlier during this week. It has recovered all the lost ground and is within touching distance of previous all-time high of 23338.,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Gedia The V shape recovery has put the structure in the Favor of bulls and dips towards support zone 22800 – 22700 should be used as a buying opportunity. On the upside the psychological level of 23500 is likely to attract some profit booking at higher levels.
Whereas commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that Markets extended gains for the third consecutive session, rising by 2% in line with the ongoing positive trend. Following a flat start, the Nifty gradually climbed, nearing its record high. Most sectors contributed to the rise, with IT, auto, and energy leading the gains. The broader indices also aligned with this trend, increasing by 1.4% to 2.3%.
“Markets have nearly reclaimed their record high and appear poised to maintain this momentum. Rotational buying across key sectors, including IT and FMCG, which had previously been on the sidelines, has bolstered the upward movement. Therefore, we recommend maintaining a “buy on dips” strategy as long as the Nifty holds above the 22,600 level.,” Mishra added.
