Stock Market Ends Week On A High Note; Sensex Surges 769 Points, Nifty Nears 24,900

Indian benchmark equity markets wrapped up the week with strong gains on Friday, supported by buying across IT, FMCG, and financial stocks. The BSE Sensex rallied 769.09 points to close at a record 81,721.08, while the NSE Nifty50 advanced 243.45 points, finishing at 24,853.15.

Leading the charge among large-cap stocks was Eternal Company, which gained 3.51 per cent, followed by Power Grid Corporation at 2.51 per cent, ITC at 2.39 per cent, Bajaj Finserv at 2.09 per cent, and Nestle India at 1.83 per cent. Sun Pharmaceutical Industries was the lone laggard among Sensex constituents, ending 1.84 per cent lower.

Broader Market Update

Broader markets also participated in the rally. The Nifty Midcap100 rose 0.64 per cent, while the Nifty Smallcap100 posted a stronger 0.80 per cent gain. Market volatility remained muted, with the India VIX edging down 0.11 per cent.

Sectorial Update

Sectoral indices largely mirrored the upbeat sentiment, with all but a few ending in the green. The Nifty FMCG Index led sectoral performers with a 1.63 per cent jump, followed by Nifty Financial Services at 1.15 per cent and Nifty Private Bank at 1.06 per cent.

Other key sectoral indices that contributed to the market rally included Nifty IT, which rose by 0.95 per cent, followed by Nifty Oil & Gas with a gain of 0.78 per cent, and Nifty Metal, which advanced 0.76 per cent. Nifty Media climbed 0.54 per cent, while Nifty PSU Bank added 0.52 per cent. Gains were also seen in Nifty Consumer Durables at 0.32 per cent, Nifty Realty at 0.26 per cent, and Nifty Auto, which edged up 0.24 per cent.

In contrast, healthcare indices underperformed. The Nifty Healthcare Index slipped 0.01 per cent, while Nifty Pharma declined 0.41 per cent, reflecting mild selling pressure.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, said, "Indian benchmark indices opened on a negative note due to weak global cues, remained under pressure throughout the day, and ultimately settled on a negative note at 24,610. The volatility index, India VIX, cooled off by 1.65% to 17.26, indicating a drop in market volatility."

He added, "Technically, Nifty formed a red candle on the daily chart, suggesting weakness. However, the index found support around the 21-Day Exponential Moving Average (21-DEMA), which is placed near 24,445. On the upside, 25,000 will act as a key resistance level for the index in the short term."

business