Mumbai: Indian equity indices rebounded on Friday, ending a five-day decline, driven by a more than five per cent drop in the Indian Volatility Index (India VIX).
As of 9:50 am, the Sensex surged by 484 points or 0.67 per cent to 74,380, while the Nifty rose by 125 points or 0.56 per cent to 22,613.
Banking shares showed bullish trends in early trading, with the Nifty Bank rising by 342 points or 0.70 per cent to 49,043.
Sector-wise, gains were observed in auto, financial services, pharmaceuticals, FMCG, metals, real estate, and infrastructure indices, while the IT index remained in negative territory.
The India VIX declined by over five per cent to 22.90 points.
Among the Sensex constituents, seven stocks were trading lower. Gainers included L&T, M&M, Bajaj Finance, Ultratech Cement, Titan, Tata Motors, IndusInd Bank, ITC, HDFC Bank, Reliance, and Bajaj Finserv. Conversely, Infosys, Kotak Mahindra, TCS, Bharti Airtel, and Axis Bank recorded losses.
In Asian markets, Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul registered gains, while Jakarta markets traded lower. American markets closed with losses in Thursday’s session.
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, commented on the market outlook, noting that Nifty has experienced a consistent decline over the past four sessions, with weakening bias. She highlighted the critical 50EMA support around 22,380 levels, emphasizing the need for a decisive breakout above the 22,700 zone to improve sentiment. With impending election outcomes, Parekh anticipated heightened volatility and fluctuations in the market in the days ahead.
