Mumbai– Indian equity benchmarks closed higher on Friday, lifted by gains in banking, metals, and consumer durables stocks, as investors continued to bargain-hunt after last week’s steep declines.
The Sensex rose 223.86 points, or 0.28 percent, to end at 81,207.17. The 30-share index had opened weaker at 80,684.14 against the previous close of 80,983.31 but rebounded during the session, touching an intra-day high of 81,251.99.
The Nifty 50 closed at 24,894.25, up 57.95 points or 0.23 percent. Analysts noted that the index extended its pullback for a second straight day, reclaiming its 50-day moving average of 24,830 and forming a bullish candle on the daily chart.
“After last week’s steep decline, Nifty displayed signs of recovery by closing above the 24,800 mark. Looking ahead, a gradual move towards 25,200 seems probable, and a breakout beyond this level could open the path for an extended rally toward 25,500,” analysts said.
Top gainers on the Sensex included Tata Steel, PowerGrid, Kotak Mahindra Bank, Axis Bank, L&T, BEL, Titan, Asian Paints, NTPC, and SBI. On the losing side were Tech Mahindra, Maruti, Ultratech Cement, Bajaj Finserv, Sun Pharma, ICICI Bank, and Eternal.
Most sectoral indices closed in the green. Nifty FMCG gained 65 points (0.12 percent), Nifty IT advanced 44 points (0.13 percent), Nifty Bank jumped 241 points (0.44 percent), and Nifty Financial Services edged up 44 points (0.17 percent).
Broader markets also participated in the rally. Nifty Midcap 100 climbed 473 points (0.83 percent), Nifty Small Cap 100 gained 122 points (0.69 percent), and Nifty 100 added 66 points (0.26 percent).
On the currency front, the rupee steadied after touching historic lows earlier in the week. “The underlying mood for the rupee remains weak due to sustained capital outflows from foreign investors. Nevertheless, a rebound in local share markets and moderation in crude oil prices may lend some stability,” said Dilip Parmar of HDFC Securities.
He added that in the near term, the spot USD-INR shows support near 88.40, with resistance around 89.10. (Source: IANS)
