The Sensex surged 1,718 points and the Nifty reclaimed 25,000 on Friday, extending a winning streak despite global market turmoil. M&M and ICICI Bank led the gains, while Tata Motors PV and Eicher Motors fell. Investors turned to domestic stocks as a safe haven, though broader markets remained under pressure.
Synopsis
The Sensex surged 1,718 points and the Nifty reclaimed 25,000, extending their winning streak despite a global market sell-off. M&M and ICICI Bank led the gains, while Tata Motors PV and Eicher Motors featured among the Nifty's top losers. Broader markets remained under pressure, with India VIX rising sharply.
Indian equities defied a global sell-off, extending their winning streak as investors turned to domestic markets as a relative safe haven amid turmoil across global markets.
The Nifty 50 surged 494 points, or 2.01%, to settle at 25,030, while the BSE Sensex advanced 1,718 points, or 2.17%, to close at 81,028.
The broader markets, however, came under pressure on Friday. The Nifty Smallcap 250 declined 0.85%, while the Nifty Midcap 100 ended marginally lower, signalling continued weakness in the broader market.
Among sectoral indices, the Nifty Private Bank index led the gains, rallying over 3%, while the Nifty Financial Services index advanced more than 2.5%. The Nifty Consumer Durables index also gained around 2%.
Despite the sharp gains in benchmark indices, market volatility remained elevated. The India VIX, which gauges expected market volatility, surged over 13% to trade near the 18 mark.
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Market breadth on the NSE also turned negative amid selling pressure in the broader market. Of the 3,706 stocks traded, 2,141 declined, 1,439 advanced and 126 remained unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Technical View
The Nifty 50 closed sharply higher on Friday, recovering from mild weakness in early trade as sustained buying interest throughout the session helped the benchmark extend its gains and reclaim the psychologically significant 25,000 mark. The index is now approaching an immediate resistance zone of 25,150–25,200, according to Ponmudi R, CEO of Enrich Money. A decisive and sustained move above this range, he believes, could reinforce the bullish momentum and open the door for further upside.
"On the downside, 24,800 is expected to provide immediate support. The index’s ability to sustain above this level will be crucial in maintaining the current upward trajectory, while a decisive breach could trigger near-term profit-booking. Momentum indicators point to strong bullish undertones, although the possibility of intermittent consolidation warrants attention. The RSI has climbed to 78.55, firmly entering overbought territory and suggesting that the recent rally may be susceptible to bouts of profit-booking," said Ponmudi.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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