Mumbai (Maharashtra) [India], June 20 : The Indian stock market witnessed a powerful rally on Friday, with benchmark indices closing significantly higher, buoyed by widespread buying across sectors and strong investor sentiment.
The BSE Sensex surged 1,046.30 points to settle at 82,408.17, while the NSE Nifty jumped 319.15 points, ending the day at 25,112.40. Among the Nifty 50 constituents, 44 stocks ended in the green, with only 6 closing in the red, indicating broad-based market strength.
Commenting on the market action, Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity - Ashika Stock Broking, noted, "In a bullish session, the Nifty opened flat at 24,787 and briefly dipped to 24,783 before staging a sharp rally. The index gained momentum right from the opening tick and scaled an intraday high of 25,078, closing firmly in the green."
Kewat highlighted the widespread sectoral participation, with Construction, PSU Banks, Financial Services, Auto, and Metal stocks leading the gains. The broader markets mirrored this optimism, as the Nifty Midcap 100 rose over 1 per cent, and Smallcap stocks continued to attract buying interest.
On the derivatives front, market breadth remained robust with 186 advancing stocks versus 36 declining. Noteworthy open interest build-up was seen in Kaynes Technology, Mankind Pharma, Hero MotoCorp, JSW Steel, and LTIMindtree, signaling increased trader participation and bullish sentiment.
Adding to the positive outlook, Rupak De, Senior Technical Analyst at LKP Securities, said, "Nifty moved up sharply after three days of consolidation, resuming its short-term rally. Moreover, the index has reclaimed the 21-day EMA, which could provide further momentum for an upward move."
De added, "Support is now placed at 24,850, and the index remains a 'buy on dips' as long as it holds above this level. On the higher side, it may continue advancing towards 25,350 and beyond."
With upbeat technical indicators and sector-wide buying, Friday's market performance reflects growing investor confidence and sets the stage for continued momentum in the sessions ahead.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor