The equity benchmark indices Sensex and Nifty settled higher in a range-bound session on Friday, marking their second consecutive week of gains. The Nifty rose 156.80 points or 0.65 percent to settle near the day’s high at 24,353.55 after trading in a narrow range with a mild upward bias. The Sensex climbed 504.86 points or 0.65 percent to close at 78,493.54. During the session, it advanced 564.77 points or 0.72 percent to 78,553.45.
On a weekly basis, both indices gained about 1.3 percent each, extending last week’s sharp rally of around 6 percent, their strongest in five years. Market sentiment remained supported by easing crude oil prices, which stayed below the USD 100 mark amid optimism around US–Iran talks following the Israel–Lebanon ceasefire. Stability in the rupee and softer volatility levels also lent support to the markets.
Analysts said the Nifty is now eyeing the 24,800 level. Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities, noted that the immediate resistance for Nifty is placed in the 24,430–24,450 zone. The investors will also track quarterly earnings of banking majors HDFC Bank and ICICI Bank, which are scheduled to announce their March quarter results on April 18.
