On Friday, the Nifty gained 104.20 points to close at 24,854.05. Meanwhile, the Sensex surged by 218.14 points to end the day at 81,224.75.
Axis Bank, Wipro, Eicher Motors, ICICI Bank, and Shriram Finance were among the top gainers on the Nifty index. Infosys, Britannia, Asian Paints, and Tech Mahindra were among the top losers.
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Stock Market This Week: Expert Share Market Outlook Amid Global Tensions
According to the exchange data, Foreign Institutional Investors (FIIs) sold equities amounting to Rs 7,421.40 crore and Domestic Institutional Investors (DIIs) purchased equities amounting to Rs 4,979.83 crore respectively on the previous trading day.
Rupak De, Senior Technical Analyst, LKP Securities, said, "The Nifty has moved up sharply after forming a panic bottom around 24,570, failing to sustain below 24,700. On the hourly chart, a positive divergence is visible on the RSI (14), indicating a shift toward positive price momentum. Immediate resistance is seen at 24,900, which previously acted as support. A decisive move above 24,900 could induce a short-term rally. The trend is likely to remain strong as long as the Nifty stays above 24,750."
Vinod Nair, Head of Research, Geojit Financial Services, said, "After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto and metals stocks. Initial set of results from private banks were positive, building an expectation that the upcoming set of financial results in the weekends will also be optimistic. The metals also performed well, benefiting from a slightly better-than-expected growth in China’s Q3 GDP."