Stock Market Closes Higher On Gains In Banking And Metal Stocks

The Indian stock market ended the week on a firm footing, with major indices closing higher on Friday following broad-based buying.

The BSE Sensex settled at 81,207.17, up 223.86 points or 0.28 per cent, after opening lower at 80,684.14 against the previous close of 80,983.31.

During the session, the 30-share index touched an intra-day high of 81,251.99.

Meanwhile, the NSE Nifty 50 closed at 24,894.25, rising 57.95 points or 0.23 per cent. The index extended its recovery for the second consecutive day, moving above its 50-day moving average (50-DMA) at 24,830 and forming a bullish candle on the daily chart.

Market analysts noted that after last week’s sharp correction, the Nifty’s ability to close above 24,800 signalled a stabilising trend.

Looking ahead, analysts suggested that the index could gradually move towards 25,200, and a decisive breakout beyond this level might pave the way for a rally towards 25,500.

Among Sensex constituents, Tata Steel, PowerGrid, Kotak Bank, Axis Bank, L&T, BEL, Titan, Asian Paints, NTPC and SBI emerged as the top gainers.

On the other hand, Tech Mahindra, Maruti, Ultratech Cement, Bajaj FinServ, Sun Pharma, ICICI Bank and Eicher Motors ended in the red.

Sectoral Performance

Most sectoral indices closed higher, buoyed by investor confidence. Nifty Bank climbed 241 points or 0.44 per cent, Nifty FMCG advanced 65 points or 0.12 per cent, Nifty IT added 44 points or 0.13 per cent, and Nifty Financial Services gained 44 points or 0.17 per cent.

The broader market also witnessed strong momentum. Nifty Midcap 100 surged 473 points or 0.83 per cent, while Nifty Smallcap 100 rose 122 points or 0.69 per cent. Nifty 100 closed 66 points or 0.26 per cent higher.

The Indian rupee steadied within a narrow range after hitting a historic low earlier in the week.

According to Dilip Parmar, Analyst at HDFC Securities, “The underlying sentiment for the rupee remains weak due to sustained capital outflows from foreign investors. However, a rebound in local equities and easing crude oil prices could provide near-term stability.”

For the immediate outlook, analysts pointed out that the USD-INR spot shows an ascending trend line support near 88.40, while resistance is likely around 89.10.

With buying interest returning in key sectors such as banking and metals, the market appears to be regaining stability.

Analysts maintain that a sustained move beyond the 25,200 mark for the Nifty could trigger a stronger upward momentum, while global cues, crude oil prices and foreign capital flows will remain crucial for near-term direction.

Also Read: Sensex Down 191 Points; Nifty Edges Lower On FII Pressure