closed marginally higher on Friday, staging a relief rally after Thursday’s steep sell-off, though markets pared a bulk of intraday gains as a weakening rupee and lingering geopolitical uncertainty kept investor appetite in check.
The ended at 23,114.50, up 112.35 points or 0.49 per cent, while the closed at 74,532.96, gaining 325.72 points or 0.44 per cent. For the week, the Nifty ended marginally lower by 0.16 per cent.
The recovery was largely technical, with easing — after the US and Israel signalled that energy infrastructure in Iran would not be targeted — providing near-term relief.
Tech Mahindra led Nifty gainers at 3.4 per cent, followed by JSW Steel at 3.3 per cent and Tata Steel at 3.1 per cent. PSU Banks and Pharma also outperformed, rising around 2 per cent each.
Hindalco declined 2.8 per cent, HDFC Bank fell 2.1 per cent, and Realty, Financial Services, and Private Banks closed in the red. Nifty Midcap 100 gained 0.67 per cent, while Nifty Smallcap 100 ended nearly flat. The BSE advance-decline ratio improved to 1.36.
“Markets witnessed a volatile session and ended marginally higher, taking a breather after the previous session’s steep decline. Selling pressure resumed as the session progressed, leading the index to surrender most of its gains. Lingering geopolitical tensions, continued weakness in the rupee and persistent FII outflows remain key overhangs. The 23,400–23,600 zone is likely to act as resistance, while 22,800 remains a critical support level,” said Ajit Mishra, SVP Research, Religare Broking.
Vinay Rajani, Senior Technical Research Analyst, HDFC Securities, noted that the Nifty formed a Doji candlestick on the weekly chart with positive RSI divergence, indicating potential for a bullish reversal. “However, for confirmation, the index must hold its recent swing low support at 22,930. On the upside, 23,378 and 23,868 remain critical resistances,” he said.
The rupee hit a fresh record low, with USD/INR surging to 93.71. Dilip Parmar, Senior Research Analyst, HDFC Securities, said the currency was battered by a “double whammy” of foreign fund outflows and surging crude oil prices, and expects the RBI to maintain a status quo at its April policy meeting. Brent crude remained elevated in the $102–107 range, with analysts estimating every $10 rise in crude adding nearly 50 basis points to India’s inflation.
remained volatile, opening near $4,700 and ₹1,48,000 on short covering, before retreating to ₹1,46,000 on fresh selling. “Gold is likely to remain weak with heightened volatility, with a near-term trading range between ₹1,40,000–₹1,47,000,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.