Indian equity benchmarks surged on Friday, with significant gains in private banking, information technology, and auto stocks. The Sensex rose by 964.58 points to end at 78,151.45, while the Nifty climbed 261.55 points to settle at 24,334.30. Market experts highlighted the 24,400 level as a crucial resistance for the Nifty, coinciding with the 200-day Exponential Moving Average (EMA).
Experts noted that a sustained breakout above the 24,400 level could strengthen bullish momentum, potentially pushing the index towards the 24,500–24,600 range. On the downside, the 24,200 zone is now seen as immediate support, followed by the 24,000 psychological mark, crucial for maintaining the broader recovery structure. The Nifty Private Bank emerged as the top performer among sectoral indices, posting a gain of 2.12 percent.
Sector-wise, the Nifty IT index rose by 1.75 percent, while the Nifty Realty and Nifty Auto indices increased by 1.34 percent and 1.24 percent, respectively. However, healthcare-related stocks faced pressure, with the Nifty Pharma and Nifty Healthcare indices closing as the biggest sectoral laggards. Despite the benchmark indices’ strong rally, the broader market underperformed, with the Nifty Midcap 100 index declining by 0.41 percent and the Nifty Smallcap 100 index falling by 0.21 percent.
Market sentiment remained positive, overlooking concerns such as high valuations, geopolitical tensions, and global market volatility. Analysts observed a shift in market momentum towards large-cap stocks, particularly in the IT and banking sectors. This trend is supported by optimism surrounding business updates and Q1 earnings expectations.
