Mumbai, July 17: Indian equity benchmark indices ended the week on a strong note on Friday, with the Sensex soaring nearly 1,000 points and the Nifty closing comfortably above the 24,300 mark, driven by robust buying in private banking, information technology and automobile stocks.
The BSE Sensex rallied 964.58 points, or 1.25 per cent, to settle at 78,151.45, while the NSE Nifty gained 261.55 points, or 1.09 per cent, to close at 24,334.30.
Market analysts said the rally was fueled by strong investor interest in large-cap stocks, particularly in the banking and IT sectors, amid optimism surrounding first-quarter earnings and positive business updates.
Nifty Faces Key Resistance at 24,400
According to technical analysts, the 24,400 level remains the immediate resistance for the Nifty, coinciding with the 200-day Exponential Moving Average (EMA), making it a crucial level for the market.
Experts believe a sustained breakout above this level could strengthen bullish momentum and open the door for a move towards the 24,500–24,600 range.
On the downside, the 24,200 level is expected to serve as immediate support after successfully transitioning from a key resistance zone. Analysts also identified the 24,000 psychological mark as a critical support level that could help preserve the market’s broader recovery trend.
Banking, IT and Auto Stocks Shine
Among sectoral indices, the Nifty Private Bank Index emerged as the top performer, advancing 2.12 per cent.
The Nifty IT Index climbed 1.75 per cent, supported by renewed buying in technology stocks, while the Nifty Realty Index rose 1.34 per cent and the Nifty Auto Index gained 1.24 per cent.
However, healthcare-related counters remained under pressure throughout the session. The Nifty Pharma and Nifty Healthcare indices ended as the day’s biggest sectoral laggards.
Broader Markets Underperform
Despite the sharp rally in benchmark indices, the broader market witnessed profit booking.
The Nifty Midcap 100 Index declined 0.41 per cent, while the Nifty Smallcap 100 Index slipped 0.21 per cent, indicating that investor preference remained tilted towards large-cap stocks.
Investor Confidence Remains Strong
Market experts said investor sentiment stayed resilient despite concerns over elevated artificial intelligence (AI) valuations, geopolitical tensions in the Middle East and continued volatility in global financial markets.
Analysts observed a clear shift in market momentum towards large-cap stocks, particularly in the banking and IT sectors, supported by optimism over corporate earnings and improving business outlooks.
Investors will now closely monitor upcoming quarterly earnings, global market trends and macroeconomic developments for further direction in the domestic equity markets.
