India's benchmark equity indices ended holiday-shortened week higher on Friday, with the benchmark indices swinging to green after a day of decline. The NSE Nifty 50 closed 0.05% higher at 24,346.70 while the BSE Sensex ended 0.32% up at 80,501.99.
The indices have also logged a weekly gain, as the Nifty 50 had closed at 24,039.35 and Sensex settled at 79,212.53 in the week ended on April 25.
On Friday, Reliance Industries Ltd. share price closed 1.24% higher at Rs 1,422.40 apiece, while Bajaj Finance Ltd. closed 2.64% higher at Rs 8,862.50 per share.
Shares of JSW Steel Ltd. and Bharti Airtel Ltd. dragged on the index. JSW Steel share price slipped 5.50% to Rs 973.20 apiece while shares of Airtel fell 0.68% to Rs 1,851.90.
The support for NSE Nifty 50 is placed at 24,250. A fall below this level might trigger a correction towards 24,000, according to Rupak De, senior technical analyst at LKP Securities.
"The index may remain range-bound within the 24,000–24,550 band. Only a decisive breakout above 24,550 may lead to a decent rally in the index," Rupak De said.
On the NSE, six sectoral indices ended higher out of 15, with the NSE Nifty Oil and Gas rising the most. The NSE Nifty Defence declined the most.
On BSE, the BSE Midcap and Smallcap indices ended 0.41% and 0.07% lower, respectively.
Around seven sectors advanced and 14 declined out of 21. The BSE Services rose the most, while the BSE Information and Technology declined the most.
Market breadth has favoured the sellers over buyers. Around 1,761 stocks advanced, and 2,183 stocks declined on the BSE.
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