Mumbai, April 12
The Indian stock markets wrapped up the week on a strong note, gaining nearly 2 per cent, as the US decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown, experts said on Saturday.
As a result, the Nifty index opened with a strong gap-up and tested resistance near the 20-day exponential moving average (DEMA) around 22,900. It then moved in a narrow range before settling at 22,828.55.
Sector-wise, metals, energy, and pharma led the gains, while broader indices also saw a solid rebound, rising between 1.82 per cent and 2.86 per cent.
“The recovery, supported by a continued decline in the volatility index, is a positive sign, though such sharp moves remain challenging to trade. On the index front, a decisive close above 22,900 could pave the way for a retest of the key moving average zone near 23,400,” said Ajit Mishra–SVP, Research, Religare Broking Ltd.
The Sensex jumped 1,310.11 points, or 1.77 per cent, to close at 75,157.26 on Friday. During the day, the index touched an intra-day high of 75,467.33, while it slipped up to 74,762.84.
The Indian rupee found renewed strength, snapping its three-day losing streak against the US Dollar. Bolstered by a weaker Dollar, easing crude oil prices, and the buoyant equity market, the rupee closed significantly stronger by 65 paise at 86.04 against the greenback.