Mumbai, May 23 Indian stock markets ended the week on a strong note, with key benchmark indices closing higher on Friday, supported by gains in IT, FMCG, banking and financial stocks.
The Sensex jumped 769.09 points, or 0.95 per cent, to close at 81,721.08. During the day, the index moved between an intra-day high of 81,905.17 and a low of 80,897.00.
Similarly, the Nifty rose by 243.45 points, or 0.99 per cent, to settle at 24,853.15.
"The index has moved higher after finding support at the 21-day EMA. Broadly speaking, the Nifty appears to be consolidating within the range of 24,700–25,000,” Rupak De of LKP Securities said.
The short-term trend remains positive, with momentum likely to strengthen above 25,000, he added.
The domestic market has recouped nearly half of the week’s losses, supported by gains in FMCG and IT stocks. Optimism around a potentially record-high dividend from the RBI is also boosting hopes for fiscal consolidation, said experts.
In the broader markets, both the Nifty Midcap100 and Nifty Smallcap100 posted gains. The midcap index rose by 0.64 per cent, while the smallcap index was up by 0.80 per cent -- reflecting positive sentiment across the board.
On the Sensex, only one stock -- Sun Pharma -- closed in the red. Sun Pharma declined by 2.14 per cent. Sun Pharma's Q4 results showed a decline in net profit.
The remaining stocks ended the session with gains. Leading the rally were shares of Eternal, Power Grid, ITC, Bajaj Finserv, and Nestle India, which rose in the range of 3.6 per cent to 1.83 per cent.
On the sectoral front, Nifty FMCG and Nifty Private Bank led the gains, rising by 1.63 per cent and 1.08 per cent, respectively.
Other sectors such as IT, financial services, metal, PSU bank, oil and gas, and realty also closed in the green, with gains of up to 0.95 per cent.
Meanwhile, Nifty Pharma and Healthcare were the only two sectors that ended in the red.
Nifty Pharma slipped by 0.41 per cent, while the Healthcare index saw a marginal decline of just 0.01 per cent.
According to analysts, market sentiment was buoyed by optimism over US-India trade negotiations.
"Investor attention is further revolving around US-India trade talks and strong domestic macroeconomic indicators," said Vinod Nair, Head of Research, Geojit Investments Ltd.
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