The Indian stock market witnessed a healthy, all-round buying on Friday, 17 April, which helped the benchmark indices, the Sensex and the Nifty 50, extend gains for the second consecutive week.
The rose by 505 points, or 0.65%, to end at 78,493.54, while the NSE barometer settled at 24,353.55, rising by 157 points, or 0.65%. The mid and small-cap segments outperformed. The Nifty Midcap 100 index rose 1.27%, while the Nifty Smallcap 100 index jumped 1.48%.
As many as 40 stocks ended higher in the Nifty 50 index, among which Hindustan Unilever (up 4.75%), Nestle India (up 2.24%), JSW Steel (up 2.09%), and Apollo Hospitals Enterprise (up 1.93%) ended as the top gainers.
On the other hand, Wipro (down 2.83%), HDFC Life Insurance Company (down 2.38%), and Sun Pharma (down 1.04%) ended as the top laggards in the index.
Barring Nifty IT, which ended 0.02% lower, all major sectoral indices ended higher, with Nifty FMCG surging 2.65%.
Nifty Oil and Gas, Consumer Durables, Media, and Metal rose more than 1% each.
Nifty Bank and Financial Services ended 0.85% and 0.67% higher, respectively.
Investors earned about ₹5 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to nearly ₹466 lakh crore from ₹461 lakh crore in the previous session.
For the week, the Sensex and the Nifty rose by 1.2% and 1.3%, respectively.
Why did the Indian stock market rise today?
The domestic market ended higher amid hopes that the resolution to the US-Iran conflict could be near. Positive global cues and a 3% crash in crude oil prices also influenced sentiment.
US President has said Iran agreed to drop nuclear weapons and return enriched uranium, according to media reports.
Trump also said that have agreed to a 10-day ceasefire, describing the move as a step toward achieving long-term peace between the two countries.
“The domestic market closed the day higher, supported by improving prospects of a Middle East resolution and a reversal in FII flows into net buying. A ceasefire between Israel and Lebanon helped keep crude below $100 per barrel, easing pressure on import-dependent economies,” Vinod Nair, Head of Research, Geojit Investments, noted.
“The rupee strengthened, aided by RBI measures and softening geopolitical tensions. FMCG led gains, driven by price hikes, healthy business updates, and valuation comfort. As the Q4 earnings season gains momentum, results will be a key litmus test for FY27 estimates,” Nair added.
Nifty 50 technical view
According to Sudeep Shah, the head of technical and derivatives research at SBI Securities, the immediate resistance for Nifty is placed in the 24,430-24,450 zone.
“Any sustainable move above this zone could result in Nifty extending its up move towards 24,600, followed by 24,800 in the short term. On the downside, the zone of 24,200–24,180 is likely to act as an immediate support,” said Shah.
Ajit Mishra, SVP- Research at Religare Broking, anticipates a potential upside towards the 24,600–24,800 zone, with an immediate base placed around the 23,900–24,100 range.
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