The Indian stock market saw a remarkable surge on Friday, with the BSE Sensex soaring more than 1,000 points and the Nifty50 climbing above 24,350 in early trade. At 9:16 AM, the BSE Sensex was trading at 79,687.89, marking a gain of 802 points or 1.02%. Meanwhile, the Nifty50 stood at 24,350.55, up by 234 points or 0.97%.
This rally comes after a brief pause on Wednesday, as market sentiment was influenced by the recent RBI monetary policy announcement. Analysts have noted that the Nifty continues to trade within a narrow range, forming a symmetrical triangle pattern on the hourly charts. The lower end of this pattern has shifted up to the 24,050-24,000 range, with a potential breakdown below this level possibly leading to a decline towards 23,900. Conversely, the 24,300-24,400 range is seen as a critical resistance level. A breakout above this zone could restore some market optimism, according to Rajesh Bhosale, Equity Technical Analyst at Angel One.
Chandan Taparia of Motilal Oswal highlighted that while the Nifty has found support at its 50-day exponential moving average (DEMA), it is facing persistent selling pressure around the 24,350 mark. He suggested that a decisive move either above 24,350 or below 24,000 could set the stage for the next phase of the market rally. For now, the market structure remains negative, indicating that selling on rallies could continue within the current range.
In commodities, oil prices edged lower in early Asian trading but are set to record a weekly gain of more than 3%. Brent crude futures fell by 9 cents, or 0.11%, to $79.07 per barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased by a cent to $76.09 per barrel. The market’s focus remains on the balance between easing demand concerns following U.S. jobs data and ongoing fears of an escalating conflict in the Middle East.
Eleven stocks are currently under the F&O ban period, including India Cements, AB Capital, Birla Soft, Indiamart, RBL Bank, GNFC, ABFRL, Manappuram, LIC Housing Finance, and PNB, as these securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) emerged as net buyers on Thursday, acquiring shares worth Rs 2,626 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 577 crore. Additionally, Trent, Grasim, Info Edge, Honasa Consumer, and 306 other companies are scheduled to release their first-quarter results later today.
