Indian equity markets experienced a robust recovery on Friday, successfully recouping a significant portion of losses from the previous session. Global cues and a surge in bargain buying helped boost investor sentiment, driving both the BSE Sensex and the Nifty 50 indices to gain more than 1% during intraday trade. By the end of the session, the Nifty 50 had climbed 288.65 points, or 1.30%, to close at 22,520.45. Similarly, the BSE Sensex recorded a notable rise of 879.09 points, or 1.23%, settling at 72,472.33.
The positive momentum extended beyond the benchmark indices to the broader market. The Nifty Midcap 100 index advanced by 1.56%, while the Nifty Smallcap 100 index saw a gain of 0.54%. Market breadth was firmly in the positive, with 2,182 out of the 3,684 stocks traded on the National Stock Exchange (NSE) finishing in the green. In contrast, 1,393 stocks closed lower, and 108 remained unchanged throughout the trading day.
Sectoral performance was led by the Nifty IT index, which surged by 3%. Other sectors also saw healthy participation, with the Nifty FMCG, PSU Bank, Private Bank, Realty, and Financial Services indices each reporting gains between 1% and 2%. According to market analysts, the recovery reflects renewed confidence as the Nifty 50 successfully rebounded from the 22,300 zone and established a foothold above 22,500.
Regarding the technical outlook, Ponmudi R, CEO of Enrich Money, noted that immediate support for the Nifty 50 is currently placed at 22,450, followed by a secondary support level at 22,300. Resistance is anticipated around 22,600. Experts suggest that if the index sustains a breakout above this resistance level, the recovery could potentially extend toward the 22,800 mark in the near term. Investors are closely monitoring these levels as they evaluate the sustainability of the current market trend.
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