Nifty concluded the Samvat 2079 on a positive trajectory, overcoming various global challenges. During this period, Nifty recorded a notable gain of 9.4%, achieving a new milestone by surpassing the 20,000 mark for the first time. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, reported this encouraging performance, signaling resilience and strength in the market despite the prevailing global uncertainties.
"As we get into Samvat 2080, we believe markets would continue its outperformance on the back of strong earnings and a healthy economic outlook," he said.
During Friday's trading session, Nifty initially opened on a negative note. However, a surge in buying activity in the second half of the day resulted in the indices closing with marginal gains, reaching the 19425 level with an increase of 30 points.
In terms of sectors, there was a mixed performance, with notable buying observed in Metals, Oil & Gas, and Financial services. The market sentiment was influenced by weak global cues, attributed to US Fed Chair Powell's strong stance on addressing inflation concerns. Despite these challenges, domestic equities managed to sustain the 19400 zone, supported by buying at lower levels.
"We expect market to start Samvat on positive note and remain in broader range with sectorial rotation. Investors would watch for India CPI inflation that would be release on Monday," he said.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said that after showing range bound action with weak bias on Thursday, Nifty shifted into a volatility with intraday up and down swings on Friday and closed the day higher by 30 points. After opening with a negative note, the market slipped into further weakness soon after the opening. Upside recovery has emerged from the mid part and the buying got strengthened in the later part of the session.
(With Agency Inputs)
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