Indian stock markets finished the week on a positive note Friday, with investors snapping up shares in public sector banks, consumer goods, and private lenders. This buying spree helped push the benchmark indices higher despite a shaky start.
The BSE Sensex climbed 223.86 points, or 0.28%, to close at 81,207.17. It dipped early, opening at 80,684.14 after Thursday’s finish of 80,983.31. But strong action in banking and metal stocks turned things around, sending the index to a daily high of 81,251.99.
Over on the NSE, the Nifty 50 ended up 57.95 points, or 0.23%, at 24,894.25. The index has now bounced back for two days in a row, breaking above its key 50-day moving average of 24,830 and forming a bullish pattern on the charts. After last week’s sharp drop, closing above 24,800 signals some recovery momentum, according to market watchers.
Analysts see room for more upside. “A steady push toward 25,200 looks likely,” they say. If it breaks decisively above that level, the Nifty could rally all the way to 25,500.
From the Sensex pack, standout performers included Tata Steel, PowerGrid, Kotak Bank, Axis Bank, L&T, BEL, Titan, Asian Paints, NTPC, and SBI. On the flip side, Tech Mahindra, Maruti Suzuki, UltraTech Cement, Bajaj Finserv, Sun Pharma, ICICI Bank, and Eicher Motors lagged behind.
Most sectors joined the rally. The Nifty FMCG index rose 65 points, or 0.12%, while Nifty IT gained 44 points, or 0.13%. Nifty Bank jumped 241 points, or 0.44%, and Nifty Financial Services added 44 points, or 0.17%.
Broader markets shone brighter, fueled by interest in mid- and small-cap stocks. The Nifty Midcap 100 surged 473 points, or 0.83%, and the Nifty Smallcap 100 climbed 122 points, or 0.69%. The Nifty 100 closed 66 points higher, up 0.26%.
The Indian rupee held steady in a narrow range Friday, recovering from a record low earlier this week. While foreign investors continue pulling money out of Indian stocks, which weighs on the currency, a rebound in share prices and easing crude oil costs are providing some support.
Dilip Parmar from HDFC Securities noted, “The rupee’s mood stays cautious amid ongoing capital outflows. But local market gains and softer oil prices are helping stabilize things.” For the short term, he points to USD-INR finding support near 88.40 on an upward trend line, with resistance at 89.10.
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