Sensex Surges 965 Points as Bank and IT Stocks Lead Rally
Mumbai — Indian equity benchmarks closed sharply higher Friday as strong buying in private banking, information technology and automobile stocks lifted the market.
The Sensex jumped 964.58 points, or 1.25%, to close at 78,151.45. The Nifty gained 261.55 points, or 1.09%, to settle at 24,334.30.
Private banks led the sectoral gains, with the Nifty Private Bank index rising 2.12%. The Nifty IT index advanced 1.75%, while the Nifty Realty and Nifty Auto indices climbed 1.34% and 1.24%, respectively.
Healthcare stocks remained under pressure, with the Nifty Pharma and Nifty Healthcare indices finishing as the session’s weakest sectoral performers.
The broader market lagged behind the benchmark indices. The Nifty Midcap 100 declined 0.41%, while the Nifty Smallcap 100 fell 0.21%.
Market analysts said investor sentiment remained resilient despite concerns about high artificial intelligence valuations, continuing geopolitical tensions in the Middle East and volatility in global markets.
They also noted a shift in momentum toward large-cap stocks, particularly in the banking and IT sectors, supported by optimism over business updates and first-quarter earnings.
From a technical perspective, analysts said 24,400 remains the Nifty’s immediate resistance level because it coincides with the 200-day exponential moving average.
“A sustained breakout above this zone could reinforce bullish momentum and pave the way for an advance towards the 24,500–24,600 region,” one expert said.
On the downside, analysts said 24,200 is expected to provide immediate support after moving above what had previously been a key resistance level. The 24,000 mark remains an important psychological support level for the broader market recovery. (Source: IANS)
