Home›Global Markets›North America›Nifty 50 ends higher as investors weigh West Asia tens…

Nifty 50 ends higher as investors weigh West Asia tensions and rate-cut hopes

The Sensex jumped 965 points, or 1.25%, to 78,151.45, while the Nifty 50 rose 262 points, or 1.09%, as expectations for a US Federal Reserve rate cut gathered pace after softer-than-expected US inflation.

Reported · Written up by our desk · North America

Indian equities closed sharply higher on Friday, July 17, lifting the Sensex and Nifty 50 on gains led by Reliance Industries and heavyweight private banks ahead of their June-quarter earnings announcements, LiveMint Markets reports. Reliance Industries, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank were among the largest contributors to the move, even as broader sentiment stayed cautious amid escalating tensions in West Asia and rising crude oil prices.

For the week ended July 17, Indian markets were volatile as investors weighed geopolitical developments in West Asia, fluctuating crude oil prices, foreign institutional investor outflows, and mixed global cues including the latest US inflation data. The market recovered after profit booking earlier in the week, supported by softer-than-expected US inflation, renewed expectations of a US Federal Reserve rate cut, and continued buying by domestic institutional investors.

Technically, Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, said the broader market structure remains constructive. He noted the Nifty held 24,000 as strong support, while the 24,300 area drew selling pressure for much of the week, leaving the index range-bound until an attempted breakout on Friday.

Kothari said he would wait for a decisive close above the 24,350 to 24,400 zone, which he described as a key resistance tied to a previous gap area and the 78.6% Fibonacci retracement. He added that 24,000 remains immediate support, with stronger support near 23,800 to 23,650, and that if those levels hold, the broader trend stays positive.

Latest closeWTI crude $79.00 ▼0.8%|Sensex 77,185.43 ▲0.2%

More like this

Sources