The BSE Sensex rallied 504.86 points or 0.65% to settle at 78,493.54 on Friday, April 17, while the NSE Nifty climbed 156.80 points or 0.65% to end at 24,353.55. According to ET Now, the index opened on a weak note amid subdued global cues but rebounded swiftly and climbed steadily through the session to end near its day's high. The Nifty extended its upward momentum after showing weakness from the highs on Thursday, as noted by Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. A long bull candle was formed on the daily chart that has overlapped the bear candle of previous session, indicating strong uptrend with minimal downward correction. For the week, Nifty rose 1.26%, while the Smallcap 100 and Microcap 250 indices surged 4.30% and 4.95% respectively, outperforming the benchmark by a wide margin. Investors' wealth surged by ₹4.84 lakh crore to ₹4,65,64,461.51 crore (USD 5.02 trillion) on BSE, reflecting strong market participation.
Among the 30-Sensex firms, Hindustan Unilever, Power Grid, Reliance Industries, Bharat Electronics, Tech Mahindra and Titan were among the major winners, while Sun Pharma, Mahindra & Mahindra, Larsen & Toubro and HCL Tech were among the laggards. According to ET Now, gains were led by FMCG, Capital Goods, Power, Oil & Gas and Industrials sectors, with FMCG climbing 2.57% and Capital Goods gaining 2.19%. Sectorally, it was a sea of green across the board with the sole exception of Nifty IT. The BSE SmallCap Select index jumped 1.76% and the MidCap Select index climbed 1.31%, outperforming the benchmark indices. BSE's advance-decline ratio stayed strong at 2.38, signaling strong buying in mid- and small-caps. Over the last three trading sessions, the Nifty has consistently found support near 24,100 and bounced back, with today's low aligning with the 5 DEMA at 24,115.
Nagaraj Shetti from HDFC Securities noted that the upside momentum continued in the middle to later part of the session and the market finally closed at the highs. Technically, this market action indicates strong uptrend in the market with minimal downward correction in between. Nifty is currently placed at the hurdle of 24400 levels and a sustainable move above this resistance could open the next upside towards 24800 in the near term. Immediate support is placed at 24100, with key resistances at 24,570 and 24,800. Nandish Shah from HDFC Securities added that the Nifty resumed its upward rally after a brief pause, gaining 156 points to close at 24,353. The 24,000-24,100 band provides support on the downside and 24,400-24,570 acting as resistance on the upside. The RSI stands at 55.40, indicating neutral momentum with a slight bullish bias, though the rejection near resistance highlights ongoing intraday volatility.
According to ET Now, Sensex and Nifty surged nearly 1% on Friday, April 17, buoyed by optimism surrounding easing geopolitical tensions and fresh foreign fund inflows. Market analysts said renewed hopes of a diplomatic resolution between the US and Iran, along with a 10-day ceasefire between Israel and Lebanon, have also materially improved global risk appetite. Foreign Institutional Investors (FIIs) bought equities worth ₹666.15 crore on Wednesday, as reported by exchange data. Broader markets closed higher with the BSE MidCap Select index climbing 0.86% and the SmallCap Select index gaining 0.60. India VIX declined by 3.12% to 18.08, indicating easing volatility and relatively stable market conditions. NSE cash volumes rose 4% from the prior session, reflecting strong buying interest in mid- and small-cap space.
As trading resumes on Monday, April 20, analysts expect the focus to remain on whether the index can sustain their upward momentum. Vipin Dixena highlighted that SENSEX is showing a steady intraday uptrend after reclaiming the key 78,000 level, with price now approaching the crucial resistance zone near 78,650. The structure remains bullish as higher lows are forming above the rising 50-EMA, which is acting as a dynamic support. Bias is bullish continuation above 78,000 — sustained strength can push towards 78,650–79,000 zone; however, price is nearing resistance so some consolidation or minor pullback is possible before breakout. Hitesh Tailor noted that the index is maintaining a positive bias with sustained buying interest at lower levels, reflecting improving short-term momentum. Key technical levels suggest support in the 77,700–77,800 zone and resistance around 78,800–79,000, with the near-term outlook remaining cautiously positive despite ongoing geopolitical developments that may keep volatility elevated.
