Rupee surges 29 paise to settle at 92.85 against USD, Sensex jumps 500 points

The rupee gained 29 paise to close at 92.85 (provisional) against the US dollar on Friday, supported by declining crude oil prices and a sinking US dollar amid growing expectations of a reduction in global tensions.

The rupee was also bolstered by new foreign fund inflows and renewed purchases in domestic equity markets, according to forex traders.

Meanwhile, the Sensex surged by 504.86 points or 0.65 per cent to settle at 78,493.54, while the Nifty gained 156.80 points or 0.65 per cent to close at 24,353.55.

The surge in equity market supported by optimism surrounding US–Iran peace talks and a cooling in crude oil prices kept trader sentiment upbeat, leading to broad-based buying across sectors.

On the sectoral front, buying interest was seen across most sectors, with the market trading on a positive undertone. The key gains were witnessed in Nifty FMCG, metal, and oil & gas indices, which advanced in the range of 1 per cent to 3 per cent, according to Bajaj Broking Market Commentary.

In terms of Nifty outlook, the index formed a bullish candlestick pattern with a higher high and a higher low for the second week in a row highlighting continuation of the pullback as index in the process retraced more than 50 per cent of its prior decline 26,373 to 22,183.

Going ahead, buyers remain positive a follow-through strength above last week’s high 24,400 will trigger further momentum, potentially leading the index towards the 24,700–24,800 range, being the confluence of the 200 days EMA and the previous breakdown area. Short-term support is positioned around 23,550.

This region aligns with the last week’s low and 20-day exponential moving average (EMA). Holding above this support band would help sustain the current pullback trend.