stock market analysis: Market Watch: Nifty needs to close above 17,992 for fresh trend breakout | The Economic Times Podcast

Domestic benchmark indices gave up early gains on Friday to close marginally higher, largely underperforming global peers. That said, it was the best week for the benchmark indices in nearly a month.

The 30-pack Sensex advanced 104 points to end the day at 59,793. Its broader peer, Nifty50, ended at 17,833, up 35 points. This was the first time since January 2022 that the NSE barometer closed the week above 17,800 level. For the week, Nifty added 1.68 per cent while Sensex 1.66 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit booking after surpassing the psychological 60,000 mark.”

Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75 bps rate hikes by ECB, he said, adding that banking and consumer-facing stocks continued to be his top picks in the domestic market.

Tech Mahindra was the biggest gainer from the 30-share pack, climbing 3.32 per cent to Rs 1,126.55. IndusInd Bank was up 2.60 per cent, Infosys rose 2.43 per cent and HCL Tech surged 1.90 per cent. Maruti Suzuki, TCS, SBI and Wipro were also among other top gainers.

On the other hand UltraTech Cement fell 1.85 per cent to Rs 6,790. M&M declined 1.41 per cent, followed by L&T, down 1.26 per cent and Bajaj Finance declined 1.03 per cent.

Sectorally, Nifty IT index rose 2.21 per cent. Nifty Private Bank and Auto advanced 0.57 per cent and 0.52 per cent, respectively. Nifty Midcap50 and Smallcap50 surged 0.25 per cent and 0.12 per cent, respectively.

On BSE, losers outpaced gainers as 1,689 stocks advanced, 1,754 declined and 128 remained unchanged.

Mr. Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, said a close above 17,992 would result in a fresh trend breakout in Nifty.

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