Sensex surges 1,700 points, Nifty ends above 23k amid hopes of US-Iran peace deal
The rally was led by Nifty Realty, Financial Services, PSU Banks, Private Banks, and Consumer Durables, which advanced between 2 per cent and 4 per cent
Indian benchmark indices witnessed a strong rally on Friday, driven by aggressive short covering and improving global sentiment. Optimism over a potential US-Iran peace deal, a decline in crude oil prices below USD 88 per barrel, a sharp recovery in the rupee and supportive global cues fuelled buying interest throughout the session.
At the close, the Sensex surged 1,695.4 points, or 2.3 per cent, to 75,527.95, while the Nifty gained 461.3 points, or 1.99 per cent, to settle at 23,622.9, reclaiming and closing comfortably above the 23,600 mark.
Buying was broad-based across sectors, with all major indices ending in positive territory. The rally was led by Nifty Realty, Financial Services, PSU Banks, Private Banks, and Consumer Durables, which advanced between 2 per cent and 4 per cent, according to Bajaj Broking’s market commentary.
The Nifty IT Index was the only relative laggard, underperforming the broader market despite ending the session in positive territory.
The broader market continued to outperform the benchmark indices, reflecting strong investor risk appetite. The Nifty Midcap 100 gained 2.43 per cent, while the Nifty Smallcap 100 advanced 2.80 per cent, indicating widespread participation across sectors.
Nifty outlook
The Nifty rallied 2 per cent on Friday and closed at the week’s high. The index formed a strong bullish candle with a higher high and a higher low, signalling a continuation of the uptrend. It also closed above its 20-day EMA.
The index ended above the two-week trading range of 23,000-23,550, highlighting the strength of the ongoing upmove.
According to Bajaj Broking, sustained trade above Friday’s low of 23,313 will keep the bias positive and open the door for further upside towards 23,800 and 24,000 in the coming sessions. These levels coincide with the 50-day EMA and the upper band of the two-month falling channel.
