Benchmark indices Sensex and Nifty extended their recovery for a second consecutive session amid renewed buying interest at lower levels, with easing oil prices and a recovery in the technology sector improving investor sentiment. The 30-share BSE Sensex surged 827.57 points or 1.08 per cent to settle at 77,569.39. During the day, the benchmark hit a high of 77,642.23 and a low of 77,320.56, gyrating 321.67 points. The 50-share NSE Nifty was up by 244.10 points or 1.02 per cent and ended the session at 24,206.90. Similarly, the broader market ended in the green. While the BSE MidCap Select Index zoomed 313.58 points or 1.74 per cent, the BSE SmallCap Select Index dropped 89.17 points or 1.03 per cent.
The USD/INR pair continued to consolidate under pressure, trading largely flat near 95.4 after the previous session’s sharp rise towards 95.5.
“The index has moved back above the falling trendline, confirming a revival in the prevailing trend. Momentum indicators also support the bullish outlook, with the RSI re-entering a bullish crossover on the hourly chart. The shift in Put writing towards higher strike prices further reinforces the improving market sentiment. Additionally, India VIX has slipped further below its 200-day moving average, indicating easing fear in the market. Overall, the near-term sentiment remains favourable for the bulls. On the upside, immediate resistance is seen at 24,500, while on the downside, strong support is placed at 24,000,” said Rupak De, Senior Technical Analyst at LKP Securities.
