The benchmark BSE Sensex added 259.75 points or 0.32% to close at 80,501.99, while the broader Nifty 50 index closed at 24,346.70, higher by 12.50 points or 0.05%.
Sector Watch
The Nifty 50 and BSE Sensex rose nearly 1% earlier in the session before trimming gains. A rise in heavyweight Reliance Industries Ltd (RIL) and financial stocks offset losses in key auto names following muted monthly sales data.Adani Ports and Special Economic Zone jumped 4%, emerging as the top gainer on the Nifty 50 after reporting better-than-expected quarterly earnings and forecasting higher growth for fiscal 2026 on the back of strong port volumes.
Nifty Auto ended 0.1% lower. Maruti Suzuki India bucked the trend, rising 1.2% after reporting a 7% year-on-year increase in April sales, with both domestic and export volumes improving.
PNB Housing Finance gained 4% following a large block deal. Media reports indicated Carlyle Group was looking to offload its 10.44% stake in the company.
JSW Steel plunged 6% after the Supreme Court annulled its Rs 19,700 crore acquisition of Bhushan Power & Steel, deeming the 2021 deal “illegal” and ordering the company’s liquidation.
For the week, the Nifty rose 1.3% and the Sensex advanced 1.6%, notching a third straight weekly gain.
Reliance Industries surged 9.4% over the week—its best weekly performance in nearly five years—after reporting strong earnings on April 25.
Investor sentiment has been boosted by signs of progress on an India-U.S. trade deal, with President Donald Trump suggesting potential agreements with India, South Korea, and Japan.
Foreign portfolio investors remained active buyers, purchasing Indian equities for 11 straight sessions through Wednesday—the longest such streak in two years—after turning net buyers in April following three months of outflows.
Expert View
In the last week, the benchmark indices continued their positive momentum, said Amol Athawale, VP- Technical Research, Kotak Securities, adding that “during the week, the market comfortably traded above the 200-day SMA (Simple Moving Average). Technically, it has formed a bullish candle on weekly charts and is also holding an uptrend continuation formation on daily charts, which is largely positive.”
The Nifty has witnessed a bout of volatility during the week, slipping sharply after facing rejection around the 24,550 level, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the daily chart, a long upper-wick candle suggests selling pressure at higher levels.
“Going forward, support is placed at 24,250; a fall below this level might trigger a correction toward 24,000. Additionally, the index may remain range-bound within the 24,000–24,550 band. Only a decisive breakout above 24,550 may lead to a decent rally in the index,” said De.
More to come…