Benchmark indices extended gains for yet another session, with NSE Nifty 50 and BSE Sensex ending Friday’s session on a positive note. Gains were led by realty, followed by media and consumer durable stocks. The NSE Nifty 50, a key indicator of the Indian stock market, demonstrated impressive resilience by surging 97.35 points or 0.51%, settling at Rs 19,230.60. Meanwhile, the BSE Sensex gained 282.88 points or 0.44%, closing at Rs 64,363.78. The Nifty Bank gained 301.05 points or 0.70%, closing at 43,318.25.
“Buoyancy in Asian equities boosted gains in local shares as falling US treasury yields and softening crude oil prices buoyed sentiment, despite weakness in the Gift Nifty index. Markets pared some of its early gains as investors resorted to selective buying due to uncertainty over higher inflation levels, simmering West Asian conflict and its impact on the global economy,” said, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The top gainers in the Nifty 50 index were Apollo Hospital, Adani Ports, Eicher Motors, Titan Company, and LTIMindtree, whereas the top laggards included Bajaj Finserv, SBI Life Insurance Company, Dr. Reddy’s Labs, IndusInd Bank, and Bajaj Finance.
“Nifty has penetrated the resistance zone after two days of advance and tested the immediate hurdle of 100 EMA around 19,276 as well. We reiterate a cautious view on the index and suggest awaiting a decisive break above 19,400 for a sustained recovery else the up move would fizzle out. However, there is no shortage of stock-specific opportunities so traders should maintain their focus on stock selection,” says, Mr. Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
The Indian volatility index (Vix) ended down 1.73%.
