Sensex, Nifty Close Higher as Stronger Rupee Lifts Sentiment
MUMBAI, India — Indian benchmark indexes ended higher Friday, supported by a sharp rise in the rupee against the U.S. dollar and gains in banking and financial services stocks.
The Nifty rose 64.60 points, or 0.27%, to close at 23,719.30. The Sensex gained 231.99 points, or 0.31%, to settle at 75,415.35.
Analysts said the Nifty’s immediate support is at 23,600. A move below that level could push the index toward 23,400, while a break below 23,400 could trigger a sharper correction.
“A breach below 23,400 could trigger a sharper correction in the market. On the higher side, a decisive move above 23,800 may induce a fresh directional upmove in the short term,” an analyst said.
“A decisive breakout from this range is essential for the next leg of rally or correction to unfold,” the analyst added.
Investor sentiment improved after the rupee strengthened during the trading session. The currency rose 51 paise to touch an intraday high of 95.69 against the U.S. dollar before paring some gains and settling at 96.20.
Trent, Shriram Finance and Axis Bank were among the top gainers on the Nifty, with banking and financial stocks remaining in focus throughout the session.
In the broader market, the Nifty MidCap index ended 0.14% higher, while the Nifty SmallCap index slipped 0.15%.
Among sectors, private banks, financial services and banking stocks outperformed the broader market. Pharma, healthcare and media stocks ended lower.
“Market is in a buy-on-dips and sell-on-rallies pattern. A sustained uptrend will likely require geopolitical stability and softer oil prices, which would strengthen macro conditions and improve FII sentiment, especially as corporates head into a weak Q1 FY27,” a market expert said. (Source: IANS)
