Sensex ends 166 pts higher, Nifty above 24,350; Jio Financial leads gains
- Sensex rose 166 points to close higher, Nifty settled above 24,350.
- Gains were led by Jio Financial Services and select banking stocks.
- Broader market indices also traded firm, tracking positive global cues.
Market closes on a firm note
Indian equity benchmarks ended the session on a positive note on Friday, with the Sensex finishing 166 points higher and the Nifty closing above the 24,350 mark. The gains were broad-based, though index heavyweights in the financial and telecom spaces did the heavy lifting.
Traders said sentiment was supported by steady buying in select largecaps, even as volatility remained at the fringes. The market's upward move, while not spectacular, was enough to keep the bulls in control through the day.
Jio Financial leads the charge
Jio Financial Services emerged as a notable gainer, contributing significantly to the index's upward move. The stock saw strong buying interest, though analysts were divided on whether the rally was driven by fundamentals or short-covering.
Banking stocks also lent support, with private lenders and PSU banks trading mixed but largely positive. The Nifty Bank index moved in tandem with the broader market, adding to the overall comfort for investors.
Broader market and sectoral trends
Midcap and smallcap indices also traded firm, reflecting a risk-on mood among participants. Sectorally, IT stocks were subdued, while metal and energy names showed resilience.
Market watchers noted that the absence of any major negative trigger allowed the indices to hold their ground. However, volumes were moderate, suggesting that institutional participation was not aggressive.
What traders are watching
With the session closing on a positive note, the focus now shifts to global cues and domestic macroeconomic data due in the coming days. The movement of the rupee and crude oil prices will also be closely tracked by traders.
Analysts say the market is likely to remain range-bound in the near term, with stock-specific action taking precedence. Any fresh triggers on the earnings front or from global central banks could set the tone for the next leg of the move.
For now, the bulls can take comfort in the fact that the market has held its ground, but the sustainability of this momentum will depend on how global markets open next week.