Nifty Surges by 9.4% in Samvat 2079

In the face of numerous global challenges, Nifty wrapped up Samvat 2079 on a positive trajectory, exhibiting a notable 9.4% gain and achieving a historic milestone by surpassing the 20,000 mark for the first time, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

“As we step into Samvat 2080, we anticipate the market’s continued outperformance driven by robust earnings and a positive economic outlook,” Khemka stated.

Closing the week, Nifty initially opened on a negative note, but a surge in buying during the latter half propelled the indices to finish with modest gains, closing at 19,425 levels, up by 30 points.

In terms of sectors, the performance was mixed, with notable buying observed in Metals, Oil & Gas, and Financial Services. Despite dampened sentiments from strong statements by US Fed Chair Powell on inflation control, lower-level buying provided support, helping domestic equities maintain the 19,400 zone.

“We expect the market to commence Samvat on a positive note, maintaining a broader range with sectoral rotations. Investors will keenly watch for the release of India’s CPI inflation data on Monday,” Khemka added.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, remarked on Nifty’s dynamic movements, noting a shift from a range-bound action with a weak bias on Thursday to increased volatility with intraday fluctuations on Friday. Despite an initially negative opening, the market rebounded from the mid-part of the session, gaining strength in the later part of the day.