India's benchmark stock indices were rangebound through Friday after a higher opening. Realty, media and consumer durables were the top gainers as all sectors advanced.
Sensex ended over 100 points below the day's high, around the 64,400 level, whereas Nifty 50 closed beyond the 19,200 mark, over 30 points lower from the day's high.
The S&P BSE Sensex closed 283 points up, or 0.44%, at 64,363.78, while the NSE Nifty 50 ended 97 points, or 0.51%, higher at 19,230.60.
The zone of 19,235–19,330 is anticipated to continue to act as an overhead supply zone, and sustenance above this resistance will bail out the buyers and attract bullish strength, according to Avdhut Bagkar, technical and derivatives analyst at StoxBox.
Intraday, the NSE Nifty 50 and S&P BSE Sensex scaled the highest levels in over a week since Oct. 25. On a weekly basis, indices snapped two weeks of losses.
"All sectoral indices gained on a week-on-week basis, except for Nifty Auto. Nifty Realty was an outperformer, gaining 10% during the week," said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
Good earnings numbers and expectations that the interest rate will remain stable for now and decline in the second half of CY24 have facilitated market recovery, said Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services Ltd.
"Investors should remember that the 'buy on dips' strategy has worked in this market. It is likely to work again. High-quality large caps in financials, automobiles and capital goods are on a strong wicket. Mid-cap IT is doing well," he said.
"Market history tells us that sharp up-moves in the market happen at unexpected times. It appears that this truism is turning out to be true. The Fed decision to hold rates and refrain from making hawkish indications has emboldened the bulls to make a strong comeback," Vijayakumar said.
Shares in Asia advanced after further gains for U.S. stocks as investors adjusted to the prospect that the Federal Reserve may be done with rate hikes.
Equity benchmarks in Hong Kong rallied more than 2%, while shares in Australia and South Korea climbed about 1%. The MSCI Asia benchmark was on track for its best week in two months. Markets in Japan are closed for a holiday. U.S. equity futures slipped following underwhelming results from Apple Inc.
Apollo Hospitals Enterprise Ltd., ICICI Bank Ltd., Infosys Ltd., HDFC Bank Ltd., and Titan Co. were positively contributing to the changes in the Nifty.
Bajaj Finserv Ltd., Bajaj Finance Ltd., Dr. Reddy's Laboratories Ltd., Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. were weighing the index down.
The indices snapped two weeks of losses on Friday. The S&P BSE Sensex rose 0.91%, and the NSE Nifty 50 was higher by 0.96% this week.
Last week, the headline indices declined for the second time as the S&P BSE Sensex dropped 2.47% and the NSE Nifty 50 was lower by 2.53%.
Most sectors advanced this week, with Nifty Realty gaining over 10%, followed by Nifty Media and Nifty Energy.
The broader market indices outperformed their larger peers; the S&P BSE MidCap was up 0.71%, whereas the S&P BSE SmallCap was 0.94% higher.
All 20 sectors compiled by BSE Ltd. advanced. S&P BSE Services, S&P BSE Consumer Durables, and S&P BSE Consumer Discretionary rose the most.
The market breadth was skewed in favour of buyers. About 2,302 stocks rose, 1,389 declined, and 127 remained unchanged on the BSE.
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