Stock Market Hits 9-month High As Sensex Surges Past 84,000, Nifty Nears 25,650
Mumbai: The Indian stock markets ended on a strong note on Friday, with benchmark indices touching a nine-month high. Investors were in a positive mood as tensions in West Asia eased amid reports of a 'great' India-US trade deal possibility, thus lifting market confidence and encouraging buying.
The Sensex climbed 303.03 points, or 0.36 per cent, to close at 84,058.90. It traded within a range of 83,645.41 to 84,089.35 during the day.
This is the fourth straight session of gains for the benchmark index, marking a steady upward trend. The Nifty also saw a similar rise, gaining 88.80 points, or 0.35 per cent, to finish the day at 25,637.80. It moved between 25,523 and 25,654 in intra-day trade.
"The Nifty continued to move higher as investor confidence remained strong. With no major resistance seen before 25,750–25,800, the index may continue its upward trajectory,' Rupak De of LKP Securities said.
A buy-on-dips strategy appears more appropriate at current levels, following the sharp rise over the past few days. On the downside, support is placed at 25,500; a break below this level could lead to consolidation, he added.
Earlier, the Sensex had touched the 84,000-mark in October 2024, while the Nifty had reached 25,639 on October 3 last year.
Broader markets followed suit. The Nifty Midcap100 index rose 0.27 per cent, while the Nifty Smallcap100 jumped 0.91 per cent -- showing that investor interest was strong even beyond large-cap stocks.
Except for the Nifty Consumer Durables, Realty, IT, and FMCG indices, all other sectoral indices on the NSE closed in the green.
The Nifty Oil & Gas index outperformed both its sectoral peers and the benchmark indices, ending 1.19 per cent higher.
Volatility also cooled off, with the India VIX -- the fear gauge -- slipping 1.60 per cent to settle at 12.39.
This suggests that investors are feeling more confident about market stability in the near term.
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