Mumbai — Indian stocks posted strong gains Friday as investors moved into large-cap banking, technology and automobile shares ahead of more first-quarter earnings announcements.
The Sensex climbed 964.58 points, or 1.25%, to finish at 78,151.45. The Nifty 50 rose 261.55 points, or 1.09%, to close at 24,334.30.
Private banks led the advance, with the Nifty Private Bank index gaining 2.12%. The Nifty IT index added 1.75%, while real estate and automobile stocks rose 1.34% and 1.24%, respectively.
Pharmaceutical and health care shares moved in the opposite direction and were the weakest-performing sectors of the session.
The rally was concentrated in major companies, with smaller stocks failing to keep pace. The Nifty Midcap 100 fell 0.41%, and the Nifty Smallcap 100 declined 0.21%.
Analysts said investors were increasingly favoring large-cap companies, particularly in banking and technology, amid optimism over corporate updates and the quarterly earnings season.
The gains came despite continuing concerns about high valuations among artificial intelligence-related companies, instability in the Middle East and volatility across global financial markets.
Technical analysts identified 24,400 as the Nifty’s next major resistance level because it is close to the index’s 200-day exponential moving average. A sustained move above that level could open the way for a rise toward the 24,500-to-24,600 range.
Support is expected near 24,200, which had previously acted as resistance, followed by the psychologically important 24,000 level. (Source: IANS)
