Indian equities staged a broad-based rally, buoyed by the US Federal Reserve’s decision to hold interest rates, a modest easing in crude oil prices and renewed institutional buying. The gains came despite a challenging external environment, signalling a recovery in investor risk appetite.
The Nifty 50 advanced 238 points, or 1.05%, to settle at 22,937, while the BSE Sensex climbed 905 points, or 1.24%, to close at 74,151.
The rally extended beyond the frontline indices, with the Nifty Midcap 100 and Nifty Smallcap 100 both ending nearly 1% higher, reflecting broad-based buying across market segments.
Investor sentiment also found support in easing volatility. The India VIX, a gauge of expected market volatility, declined 6.43% to 15.20, indicating a moderation in near-term market anxiety.
Sectorally, FMCG and PSU banking stocks emerged as the frontrunners, with the Nifty FMCG and Nifty PSU Bank indices each gaining more than 2%, leading the sectoral advance.
Market breadth on the NSE remained firmly positive. Of the 3,693 stocks traded, 2,196 closed higher, while 1,387 ended in the red and 110 remained unchanged, underscoring the breadth of the session’s gains.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Nifty has strongly reclaimed its 20-day moving average (20-DMA), accompanied by a consolidation breakout on the daily chart, indicating improving price structure.
"Although 23,000 remains an immediate hurdle, the current setup suggests a high probability of the index moving towards its previous swing high of 23,175. The RSI has also witnessed a bullish crossover, supporting positive short-term momentum. As long as Nifty sustains above its 20-DMA and the crucial support zone of 22,800, the short-term outlook remains positive, with resistance at 23,175," said Vatsal Bhuva, Technical Analyst at LKP Securities.
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