MUMBAI — Indian benchmark stock indices closed higher Friday, supported by a stronger rupee and gains in banking and financial services shares.
The Nifty rose 64.60 points, or 0.27%, to close at 23,719.30. The Sensex gained 231.99 points, or 0.31%, to settle at 75,415.35.
Market analysts said the Nifty’s immediate support is at 23,600. A fall below that level could pull the index toward 23,400, while a break below 23,400 could lead to a sharper correction.
“A breach below 23,400 could trigger a sharper correction in the market. On the higher side, a decisive move above 23,800 may induce a fresh directional upmove in the short term,” an analyst said.
“A decisive breakout from this range is essential for the next leg of rally or correction to unfold,” another analyst said.
Investor sentiment improved after the Indian rupee gained sharply during the session. The rupee strengthened by 51 paise to touch an intraday high of 95.69 against the U.S. dollar before giving up some gains and settling at 96.20.
Trent, Shriram Finance and Axis Bank were among the top gainers on the Nifty, with financial and banking stocks remaining in focus through the trading session.
Broader markets were mixed. The Nifty MidCap index ended 0.14% higher, while the Nifty SmallCap index slipped 0.15%.
Among sectors, private banks, financial services and banking stocks outperformed the broader market. Pharma, healthcare and media stocks ended lower.
“Market is in a buy-on-dips and sell-on-rallies pattern. A sustained uptrend will likely require geopolitical stability and softer oil prices, which would strengthen macro conditions and improve FII sentiment, especially as corporates head into a weak Q1 FY27,” a market expert said. (Source: IANS)
