The Indian stock markets witnessed a strong performance on Friday as the Nifty 50 and the BSE Sensex closed on a strong note with both indices registering significant gains. The Nifty 50 index rose by 250.50 points to close at Rs 24,367.50 reflecting a 1.04% increase,
Similarly the Sensex surged by 819.69 points closing at Rs 79,705.91 marking a 1.04% gain. Both indices demonstrated a broad-based rally with market participants showing optimism despite recent bearish trends. The Nifty Bank index also contributed positively adding 327.80 points, a 0.65% increase.
This positive close followed a week of mixed performances where the Nifty 50 and Sensex had shown bearish momentum after prices dropped below their previous higher low support levels of 24,074 for Nifty 50 and 79,223 for Sensex suggesting a possible shift in market sentiment. However, Friday’s recovery may indicate continuation of bullish phase with investors monitoring the coming days closely to confirm the market’s direction.
Top Weekly Gainers: Cipla and Eicher Motors
Among the top gainers for the week, Cipla Ltd and Eicher Motors Ltd stood out with impressive performances. Cipla Ltd closed on Friday at Rs 1,574.80 reflecting a gain of 4.80 points or 0.31% on the day which contributed to a weekly gain of 3.0%.
The stock’s price has been on a consistent uptrend as depicted in the technical analysis chart which shows a steady climb along an ascending trendline. The Relative Strength Index (RSI) at 62.45 suggests the stock is in bullish trend, though not yet overbought, indicating room for further upside and with next target at the recent high
Eicher Motors Ltd. also had a stellar week closing at Rs 4,830.60 on Friday, with a significant daily gain of 253.70 points or 5.5%. The weekly gain for Eicher Motors stands at 2.2% reflecting the stock’s resilience despite recent volatility. The technical chart for Eicher Motors shows the stock forming higher highs and higher lows indicating a continuation of the bullish trend. The RSI at 69.83 is approaching the overbought zone, suggesting that while the stock remains strong, investors should be cautious of potential pullbacks
In addition to Cipla and Eicher Motors, several other stocks recorded notable weekly gains. Bajaj Auto Ltd saw its stock rise by 124.65 points on Friday, closing at Rs 9,766.00 with a 1.6% gain over the week. Hindustan Unilever Ltd added 14.00 points on Friday, closing at Rs 2,747.20, contributing to a 2.0% weekly increase. ITC Ltd and Coal India Ltd also performed well, with ITC adding 1.15 points to close at Rs 495.90 and Coal India gaining 6.35 points to close at Rs 529.80 reflecting weekly gains of 1.4% and 1.0% respectively.
Dr Reddy’s Laboratories Ltd, Adani Enterprises Ltd and Oil and Natural Gas Corporation (ONGC) showed modest but steady increases in their stock prices, contributing to a generally bullish market sentiment for the week.
The overall market sentiment appears cautiously optimistic with several stocks showing solid gains despite previous bearish trends. We continue watching the markets in the coming days to determine if this bullish momentum can sustain or if there will be a reversal.
