The NSE Nifty closed at 24,894.25, an increase of 0.2% or 57.95 points, while the BSE SENSEX finished 0.3% higher at 81,207.17, a profit of 223.86 points.
“Although the market improved in the last two sessions, it is expected to be a withdrawal movement instead of a reversal,” said Bhavik Joshi, business head at Invasset PMS. “Stock -specific rallies are common in the current set -up if investors chase the momentum while the indices remain flat.” Both indices achieved nearly 1% in this truncated trade week after last week to fall 2.7%. Financial markets were closed on Thursday for trade for Mahatma Gandhi Jayanti and Dussehra.
Elsewhere in Asia, South Korea won 2.7% on Friday, while Japan and Taiwan rose 1.9% and 1.5% respectively. China and Indonesia each suffered around 0.5%. Hong Kong moved 0.5% lower.
At home, the Nifty Midcap 150 and SmallCap 250 index on Friday rose 0.9% higher. Of the 4,339 shares traded on the BSE, 2,636 fell advanced and 1,568. In the past week, the middle cap and small indices were each won about 2%.
The Nifty Metal Index rose by 1.8%, while the indices of the PSU Bank and the sustainable consumers rose more than 1% higher on Friday. Joshi said that Metals and PSU banking indices are close to record highs of October last year and both have been underperformers in recent months. “Because metals are priced in dollars, the fall in the dollar is because it loses value, supportive for metal companies,” said Joshi. “The announcement of the government of the merger of banks in the PSU room is a headwind for that sector.”
“All dips to the support zone of 24,400-24,600 can be used as a buying option and the index can get an obstacle at 25,000 levels in the short term,” said Ruchit Jain, main research, Motilal Oswal Financial Services.
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