Benchmark indices opened on a positive note Friday morning, with the Sensex gaining 258.44 points or 0.34 per cent to reach 76,606.50, and the Nifty climbing 82.60 points or 0.36 per cent to 23,273.25, as of 9.45 AM.
Despite concerns over upcoming reciprocal tariffs by the US on April 2, the market continued its four-day rally. Foreign Institutional Investors (FIIs) turned net buyers, while Domestic Institutional Investors (DIIs) ended their buying streak.
“The market rally this week amidst escalating trade tensions can be attributed to the buying by FIIs in the cash market and the decline in short positions and increase in long positions in the futures market,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Among NSE top gainers were Bajaj Finance, Hero MotoCorp, Sun Pharma, Bajaj Auto, and Nestle India, while Infosys, HDFC Bank, Hindustan Unilever, Titan, and IndusInd Bank were among the losers. IT stocks faced pressure after Accenture’s cautionary outlook on US government cost-cutting measures.
Technical analysts remain optimistic, with Nifty closing above the psychological 23,000 level and above key moving averages, signaling a bullish trend. Defense, oil and gas, FMCG, and gold finance stocks are expected to perform well, with FMCG stocks benefitting from CRISIL’s growth forecast.
In commodity markets, gold held near record highs, while crude oil remained volatile. The rupee extended its winning streak, touching a near two-month high before closing at 86.37.
Looking ahead, market experts remain cautiously optimistic, with traders advised to maintain a disciplined approach with proper risk management. Key support and resistance levels for Nifty and Bank Nifty were provided for traders to consider.
Overall, the market stability amidst global uncertainties and potential impacts of US tariffs suggests cautious optimism, with traders advised to monitor the situation closely.
