Indian equity indices ended on a higher note on Friday gaining some lost ground after the global markets dodged the recession fears emerging out of the US. The Nifty 50 rose 250 points or 1.04% to settle the day’s trading at 24,367.50. The Sensex settled 820 points or 1.04% higher at 79,706. Reliance Industries, Infosys, M&M, SBI, and HDFC Bank were the top five major contributors on Friday. 

For the week, Nifty 50 rose 0.62% while the Sensex was flat. 

Sectoral Index

The Bank Nifty rose 328 points or 0.65% to end the session at 50,485. Following the overall market sentiments, the Nifty Midcap 100 settled 493 points or 0.87% higher at 57,174. In the broader markets, smallcap and midcap stocks closed in the green.

“High Beta sectors were among the top gainers like Auto, IT, PSU Banks, and Realty. The corporate earnings scorecard for 1QFY25 has been in line so far with domestic cyclicals such as auto, banking, healthcare, real estate and capital goods driving the growth. Over the past few days, Nifty has been volatile with some recovery seen in the last few days. India Vix descended from 20 levels to 15 during the week, showing an easing in cautiousness in the market and improvement in sentiments. Going forward, we expect markets to consolidate at higher levels due to mixed global cues and the absence of any major domestic triggers,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services

“Among Sectors, the Metal index lost the most nearly 3% whereas despite weak market sentiment healthcare and pharma stocks continued positive momentum. During the week, the market slipped below 20-day SMA (Simple Moving Average) but in the second half of the week, it trimmed some losses and eventually closed at 24367/79722. Technically, the larger texture of the market is still on the weak side. However, as long as it is trading above 24200/79200 the pullback formation is likely to continue up to 20-day SMA or 24525/80400,” said Amol Athawale, Vice President of Technical Research at Kotak Securities.

Bank Nifty

“The Bank Nifty also witnessed a consolidation and managed to close in the green. PSU banks saw a sharp surge in trade today.  Overall, the bank Nifty can also move in tandem with the overall market and witness a pullback towards 50750 – 50800. Immediate support is placed at 50100 – 5000,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

That apart, inflow in mutual funds declined by 9% on which Akhil Chaturvedi, Executive Director & Chief Business Officer at Motilal Oswal Asset Management said that the broad momentum in equity flows continues with 37,000 crore of net flows, but more encouraging is the growth in the SIP book from 21,000 to 23,300 crore (approx. 2,000 crore). There is still positivity on NFO, especially in the thematic space with 13,000 crore of inflows. “The marginal decline in the overall equity MF inflow by 9% and increased flow in debt funds can be attributed to the market volatility and global concerns amongst few investors. Investors with a long-term view can continue to be positive on their investments with the India growth story in play.”