Sensex Jumps 1,000 Points, Nifty Tops 23,450 As Crude Falls, Global Cues Improve
· Free Press Journal
Mumbai: Indian equity markets traded sharply higher in the morning session on Friday, supported by positive global cues and a fall in crude oil prices.
The Sensex jumped as much as 1,000 points, or 1.35 percent, to touch an intraday high of 74,834 in early trade. The Nifty also rose around 300 points, or 1.26 percent, to reach 23,455.
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All Sectors Trade in Green
All sectoral indices were trading in positive territory. Nifty Realty was the top gainer, rising 2.51 percent. Nifty Auto gained 1.79 percent.
Banking stocks also saw strong buying. Nifty Private Bank rose 1.29 percent, while Nifty PSU Bank advanced 1.45 percent.
Media, chemicals, consumer durables, oil and gas, cement, metals, FMCG, pharma and healthcare stocks also supported the market recovery.
Crude Oil Prices Ease
Investor sentiment improved after crude oil prices declined. US West Texas Intermediate crude fell nearly 3 percent to around $85 per barrel, while Brent crude dropped 1.59 percent to $88.94 per barrel.
Reports that US President Donald Trump had cancelled plans to strike Iran also helped global risk sentiment.
Global Markets Support Rally
Asian markets traded higher, with Japan’s Nikkei rising more than 3 percent. Hong Kong’s Hang Seng gained 2 percent, while South Korea’s KOSPI advanced more than 8 percent.
Wall Street also ended higher overnight. The Nasdaq gained 2.54 percent, while the S&P 500 rose 1.75 percent.
Sensex Jumps Over 875 Points, Nifty Near 24,000, Here're 7 Key Reasons Behind Market RallyTechnical View
Analysts said the near-term market setup remained positive due to strong global cues, steady domestic institutional buying and better sectoral participation.
However, they said the rally must sustain above key resistance levels for further strength.
On the technical chart, analysts noted an inverted hammer-like candlestick pattern, indicating buying support at lower levels. The RSI stood at 37.86.
Key support for the Nifty is seen at 23,000-23,100, while resistance is placed around 23,600-23,650.
Disclaimer: This article is based on market data and analyst views. Investors should consult financial experts before taking investment decisions.