Market Closing Bell: Sensex ends 260 points higher, Nifty holds 24,300 after volatile trade

Market Closing Bell: Equity benchmarks indices, Sensex and Nifty, ended Friday’s session in the green. The Sensex slipped 675.94 points from the day’s high to settle at 80,501.99, which is 259.75 points or 0.32 per cent higher than the previous close of 80,242.24. The Nifty 50 wrapped up the session at 24,346.70, 12.50 points or 0.50 per cent higher than the previous close. During the day, it climbed 254.95 points or 1.04 per cent to 24,589.15. The Nifty had closed at 24,334.20 in the last session on Wednesday. It was a stock market holiday on Thursday, i.e. on May 1, on account of Maharashtra Day. 

However, the broader markets ended in the red, with the Nifty Midcap 100 index falling 0.90 per cent to 53,705.10 points and the Nifty Smallcap 100 index dipping 0.04 per cent to 16,441.80 points at the end of the session.

From the Sensex 30 pack, Adani Ports Bajaj Finance, IndusInd Bank, State Bank of India and  Maruti were among the gainers, with Adani Ports gaining 4.11 per cent. 

Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards, with Nestle India falling over 2 per cent.

“The index has witnessed a bout of volatility during the week, slipping sharply after facing rejection around the 24,550 level. 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,” Rupak De, Senior Technical Analyst at LKP Securities.

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 50.57 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,792.15 crore, according to exchange data.