The Nifty 50 index opened on a sharp upside gap of 297 points and moved up further in the early part of Friday’s session and it later moved into a range bound action for better part of the session.After shifting into a range bound action with negative bias on Wednesday, the Nifty witnesses an excellent bounce back on Friday, ending the session with healthy gains.
The index closed the day with hefty gains of 429 points at 22,829. This impressive rally has effectively erased the down gap witnessed on April 7, 2025, with the index recovering over 1,180 points from its recent low of 21,743.
As many as 47 out of 50 Nifty stocks closed in the green, with metal and PSU stocks among the top gainers. Positive global cues led to strong gains in stocks like Hindalco, JSW Steel, and Tata Steel.Reliance Industries emerged as the top contributor to the Nifty’s gains, ending the session 3% higher.TCS shares closed with minor cuts on mixed commentary and subdued March quarter earnings. TCS’ results were a marginal miss on expectations on the revenue front, but margins were a miss by as much as 60 basis points. The management said that the decision-making cycle started slowing in certain sectors since February, which impacted growth. Due to the uncertain environment, the management also said that it will decide on the wage hike cycle during the course of the year.For the week, the market posted a minor decline but relatively outperformed global peers. The Nifty, Sensex, and Midcap indices slipped 0.3% each, while the Nifty Bank fell nearly 1%. Friday’s gains of 2% helped market cut its weekly losses.IT, Metal, and Realty were among the worst-performing sectors, with their indices down 2–4%. On the other hand, PSU and FMCG indices were the top gainers, rising 2–4%.Meanwhile, foreign investors remained net sellers in the cash market on Friday, while domestic institutional investors were net buyers.
Tech stocks power Wall St higher
Wall Street’s main indexes rose on Monday, boosted by gains in technology stocks after the White House exempted smartphones and computers from new tariffs on Chinese imports, although additional levies on semiconductors remain imminent.
The US unveiled the exemptions on Friday, but President Donald Trump said he would announce tariff rates for imported semiconductors later in the week.The exempted tech products will face new duties within the next two months, US Commerce Secretary Howard Lutnick said. These product categories make up about 20% of US imports from China, according to Deutsche Bank.
What do the Nifty 50 charts indicate?
According to Nagaraj Shetti of HDFC Securities, the short-term trend of the Nifty remains positive. “A sustainable move above 22,900-23,000 levels could open the upside target of 23,400-23,500 levels in quick period of time. Immediate support is placed at 22,700 levels.”The Nifty faced resistance around the 21-EMA on the daily timeframe, leading to a close off the day’s high. The trend appears bearish unless it decisively moves above 23,000, where significant open interest has been added, said LKP Securities’ Rupak De.”On the downside, support is placed at 22,750; a break below this level could intensify the bearish sentiment. Conversely, a decisive move above 23,000 may trigger a rally towards 23,500, as suggested by the positive divergence in the RSI,” De added.
Here are the stocks to watch ahead of Tuesday’s trading session:
– GAIL (India) Limited, has invited an Expression of Interest (EOI) for acquiring up to 26% stake in a US LNG (liquefied natural gas) project and a 15-year gas sourcing contract.- Dr Reddy’s denies workforce reduction claims, refutes Business Standard report. We categorically deny the claim of a 25% workforce cost reduction and the other claims mentioned in the said news article, the company says.- Hindustan Aeronautics Ltd (HAL) on Saturday clarified that it has not finalised any consultancy firm to benchmark its Research and Development (R&D) processes.- GMR Power & Urban Infra Ltd. said that it will de-lever its balance sheet by nearly ₹4,400 crore through various steps, which will also enable the company to meet the proposed one-time settlement with the lenders of its associate company GRM Rajahmundry Energy Ltd.- Info Edge (India) Ltd., the parent company of Naukri.com and other online portals, and who also owns a stake in food delivery aggregator Zomato Ltd., has announced the record date for its earlier announced stock split.- Persistent Systems: NCLT, Mumbai approves merger of Capiot Software approved into the company.- Ashoka Buildcon declared L-1 bidder for a project worth ₹569 crore by Central Railway.
