The benchmark stock market indices continued their positive momentum for a second consecutive trading session on Friday, driven by robust corporate earnings and a favorable global outlook following the US Federal Reserve’s decision to maintain unchanged interest rates.
As of 9:44 am, the S&P BSE Sensex had surged by 373.23 points to reach 64,454.13, while the NSE Nifty 50 had advanced by 117.80 points, trading at 19,251.05. In early trading, broader market indices also displayed significant gains.
All 13 sectoral indices were in positive territory, with notable strength seen in Nifty Bank, Nifty Financial Services, Nifty IT, and Nifty Auto.
The top gainers among the Nifty 50 included Apollo Hospitals, Tata Motors, Adani Enterprises, Adani Ports, and UPL. On the flip side, SBI Life, Tata Steel, IndusInd Bank, Dr. Reddy’s Laboratories, and Ultratech Cement were among the leading decliners.
Aditya Gaggar, Director of Progressive Shares, emphasized that “Positive global cues provided the impetus for the Indian markets to surge higher and conclude the weekly expiry day above the psychological threshold of 19,000.”
“Both American and European markets continued their upward trajectory with gains exceeding 1 percent. Given the strong global equities and the firm signal from the GIFT Nifty, we can anticipate a robust up-move beyond the formidable hurdle of 19,200-19,250, with the downside seemingly protected at 19,075,” he added.
Mandar Bhojane, a research analyst at Choice Broking, examined the daily chart and pointed out that the Nifty50 had formed a DOJI candlestick pattern, indicative of a state of indecision between bullish and bearish forces. Currently situated in the middle of the range, spanning from 19,050 to 19,200, the index awaits a definitive breakout in either direction.