Benchmark stock market indices closed higher on Friday, wrapping up the week with a strong performance as investor sentiment turned optimistic following the recent ceasefire in the West Asia conflict. The S&P BSE Sensex surged by 918.60 points to settle at 77,550.25, while the NSE Nifty50 climbed 275.50 points to close at 24,050.60.
According to Rupak De, a Senior Technical Analyst at LKP Securities, the Nifty displayed positive momentum, bolstered by declining crude oil prices and growing hopes for a definitive peace agreement. De noted that the index showed a consistent upward movement from the 200 SMA on the hourly chart, signaling a favorable environment for a bullish trend.
After the market close, Asian Paints Ltd led the gainers on the Sensex, advancing by 3.84%. This was followed by ICICI Bank Ltd, which saw a 3.22% increase. Mahindra and Mahindra Ltd rose by 2.98%, while Indigo Ltd and Axis Bank Ltd also posted gains of 2.77% and 2.49%, respectively.
On the other hand, Sun Pharmaceutical Industries Ltd experienced the steepest decline, dropping by 3.65%. Infosys Ltd, Tata Consultancy Services Ltd, Tech Mahindra Ltd, and HCL Technologies Ltd also ended lower by 2.94%, 2.45%, 1.44%, and 0.90%, respectively.
De highlighted that the RSI on the daily timeframe indicated a bullish crossover and upward momentum, suggesting a positive trend in the short term. However, if a concrete peace agreement is not reached by the weekend, the market could react negatively. De mentioned that immediate support lies at 23,800, with a potential decline towards lower levels, while the 24,300–24,350 range is anticipated to act as a resistance zone on the upside.