Nifty ends above 24,000 after a month; indices snap six-week losing streak

Benchmark indices staged a strong comeback on April 10, with the Nifty 50 closing above the psychologically important 24,000 mark for the first time in exactly a month, while the BSE Sensex surged nearly 900 points in a broad-based rally led by financials and rate-sensitive sectors

The Nifty 50 settled at 24,050.60, up 275.50 points (1.16%), marking its first close above 24,000 since March 10. The Sensex ended at 77,550.25, gaining 918.60 points (1.20%), as investor sentiment improved sharply following easing geopolitical concerns and supportive global cues.

Both Sensex and Nifty gained nearly 6% for the week, marking one of its strongest weekly performances in the past few years.

Financials lead, IT bucks trend

The rally was driven primarily by heavyweight banking stocks, with HDFC Bank and ICICI Bank among the top contributors to index gains. Strength in financials was complemented by buying in auto, capital goods, and oil & gas stocks, indicating broad participation across sectors.

However, the IT sector stood out as the only major laggard, with stocks like Infosys and Tata Consultancy Services witnessing mild profit booking, likely on account of global tech uncertainty and currency-related pressures.

Top gainers and losers

Among Nifty constituents, key gainers included Axis Bank, Reliance Industries, Larsen & Toubro, Mahindra & Mahindra and State Bank of India. Top losers on the Nifty 50 index included Infosys, Tata Consultancy Services, and Wipro.

Losses were relatively limited and concentrated within IT sector.

Sectorally, the market saw a near-uniform uptrend. Nifty Bank led the rally with strong gains across public and private sector; financial services also saw broad-based buying. Nifty Auto also ended nearly 3% higher on strong demand optimism. Easing crude prices lifted Nifty Oil & Gas which ended nearly 1% higher on Friday.

Nifty IT is the only sector that ended in the red today.

The session was marked by a gap-up opening followed by sustained buying throughout the day, with indices closing near their highs.

The move also reflects a recovery from the sharp decline seen in the previous session, indicating that investors remain willing to deploy capital on dips.

While the close above 24,000 is a technically significant milestone for the Nifty, market participants are likely to remain cautious amid ongoing global uncertainties. Sustaining above this level in the coming sessions will be key to confirming a stronger upward trend.