The Indian equity benchmarks saw significant gains on Friday, driven by increases in metal and PSU bank stocks. The Sensex rose by 316 points, or 0.38%, closing at 82,814, while the Nifty climbed 116 points, or 0.46%, to end at 25,571. Sectoral indices mostly traded positively, except for Nifty IT and media, which experienced slight declines.
Nifty Midcap 100 index mirrored the benchmark’s performance, rising by 0.48%, while the NSE Smallcap 100 index dipped by 0.11%. Nifty Next50 showed a strong surge of 0.62%. Among the sectoral indices, PSU bank stocks stood out as the top gainers, increasing by 1.68%, with Nifty Metal also registering a notable gain of 1.25%.
Market breadth leaned slightly negative, with 2,043 stocks advancing against 2,511 declining. Analysts noted broad-based buying across various sectors, particularly in power, capital goods, and FMCG stocks. This buying spree, alongside interest from investors in quality stocks at lower levels, facilitated a robust rebound after a volatile start to the trading session.
Despite the positive momentum, analysts cautioned about near-term uncertainties stemming from geopolitical tensions between the US and Iran, as well as mixed global cues. The market remains range-bound, awaiting clearer directional triggers for further movements. The Indian rupee exhibited slight strength, appreciating by 0.02% to reach 90.99 against the dollar.
Bank Nifty showcased a strong technical rebound, maintaining levels above 61,200, indicating a shift in market dynamics towards buyer control. Market participants highlighted the 61,000 zone as a crucial support level, with the immediate resistance band seen at 61,350–61,400.
