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Nifty and Sensex rise as bank and Reliance strength lifts India markets
The Sensex gained 965 points to close at 78,151.45, while the Nifty 50 ended at 24,334.30 as investors looked ahead to Q1 results for Reliance Industries and major private banks.
Indian market benchmarks rose on Friday, July 17, lifted by gains in Reliance Industries and several private banks ahead of upcoming Q1 results, according to LiveMint Markets. Sensex jumped 965 points, or 1.25%, to close at 78,151.45, while Nifty 50 rose 262 points, or 1.09%, to end at 24,334.30.
The advance was powered by index heavyweights including Reliance Industries, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank, even as mid and small-cap segments lagged. The report tied some pressure to escalating US-Iran tensions and higher crude oil prices.
Technically, Sumeet Bagadia of Choice Broking said the Nifty reclaimed the 24,300 zone and closed above short-term moving averages, signaling improving price structure. He noted the index is nearing the resistance area around the 200-day EMA, and cited an improving RSI at 58.48, with MACD remaining above the signal line.
In derivatives, Bagadia pointed to a put call ratio of 1.13, described as bullish, with significant call open interest concentrated at 24,300 to 24,500 and put open interest largely at 24,300 to 24,200. He flagged immediate support at 24,150 to 24,200 and the next resistance zone at 24,500 to 24,550, and said Bank Nifty has broken out above its consolidation range.
Latest closeWTI crude $79.00 ▼0.8%|Sensex 77,185.43 ▲0.2%