Stock market news: The benchmark stock market indices, Sensex and Nifty 50, rose more than 1% on Friday, April 10, driven by increased purchases in banking stocks and a favourable trend in global markets.
Investor confidence grew amid expectations of a de-escalation in the West Asia crisis in light of upcoming US-Iran talks and declining crude oil prices, analysts noted.
After remaining in positive territory throughout the trading session, the 30-share BSE Sensex soared by 918.60 points or 1.20% to close at 77,550.25. During the day, it reached a peak of 990.85 points or 1.29% at 77,622.50.
The Nifty 50 saw an increase of 275.50 points or 1.16% to finish at 24,050.60.
In terms of weekly performance, the BSE benchmark gained 4,230.7 points or 5.77%, while the Nifty 50 rose by 1,337.5 points or 5.88%.
Market Outlook by Dharmesh Shah, Vice President, ICICI Securities
The Indian equity benchmarks recorded their strongest weekly gains in over five years, snapping a six-week losing streak as a temporary ceasefire led to a significant cooling of Brent crude which fueled the momentum in the global equities. Nifty 50 settled the week at 24,050 up 5.9%. Nifty Midcap, Small cap outperformed by gaining 7.5%, each led by rebound in beaten down sectors like Realty, Auto, Defence space, gaining ~10%.
Technical Outlook:
- On expected lines, supportive efforts emerged from 200 weeks EMA coupled with ease of in geopolitical tension infused momentum in equities. The weekly price action has resulted into strong bull candle with higher high-low formation, indicating resumption of uptrend.
- Key point to highlight is that, index has confirmed conclusion of corrective phase by fulfilling prerequisites like close above its last week’s high, sustenance above short-term moving average. In addition to that, faster pace of retracement (as 13 sessions decline entirely retraced back in just 4 sessions), highlights structural turnaround that bode well for trend reversal.
- Notably, Nifty 50 has seen 1800 points rally in just 4 sessions that has pushed daily stochastic oscillator in overbought territory (placed at 94), suggesting possibility of couple of days breather at higher levels cannot be ruled out in the upcoming truncated week. However, such breather should not be construed as negative as it would make market healthy and establish the stage for next leg of up move towards 24,800 in the coming weeks. Hence, any decline from hereon should be capitalized to accumulate quality stocks backed by strong earnings wherein strong support is placed at 23,000.
- In the process, volatility would remain elevated on the back of geopolitical development as well as onset of earning season. Hence, we expect stock specific activity to remain in focus.
Our constructive bias is further validated by following observations:
- In tandem with historical evidences, index following the template of price and time wise correction. Nifty 50 bounced after 16% and 4 consecutive months decline that have typically triggered strong recovery in subsequent two quarters with average returns of 30%.
- Historically, median geopolitical correction to the tune of 11% offers portfolio building opportunity that garnered 27% in next 3-6 months.
- The Bank Nifty continues to respect its post-COVID rhythm, arresting intermediate corrections within the 20% threshold.
- Market breadth seen significant improvement as the current reading of % stocks trading above 50- and 200-days SMA has jumped to 52% and 33% compared to last month reading of 15%.
Key Monitorable:
A. Inflation print
B. Further decline in Crude, US, Dollar Index
C. Start of Q4 earning season
Stocks To Buy This Week – Dharmesh Shah
Dharmesh Shah of ICICI Securities recommends buyingLtd (RIL), and Ltd.
Buy Reliance Industries in the range of ₹1,320-1,350. He has Reliance share price target of ₹1,480 with a stop loss of ₹1,237
Buy Titan in the range of ₹4,376-4,496. He has Titan share price target of ₹4,900 with a stop loss of ₹4,098.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 10/04/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.