Home / Business and Economy / Nifty Crosses 24,000 Amidst Positive Sentiment
Nifty Crosses 24,000 Amidst Positive Sentiment
12 Apr
Summary
- Nifty closed above 24,000, marking a strong weekly gain.
- Softer crude oil prices and US-Iran truce hopes fueled sentiment.
- Broader markets outperformed benchmarks with significant gains.
The Nifty index concluded Friday trading significantly above the psychological threshold of 24,000, signaling a positive market sentiment. This upward movement was notably influenced by a decrease in crude oil prices and growing optimism surrounding a potential US-Iran truce. The index experienced a substantial weekly rise of 5.89%, its most robust performance since early February 2021, thereby ending a prior six-week decline.
Across various sectors, most indices finished in the green, with Auto, Realty, and Financial Services spearheading the rally. Broader market indices, such as the Nifty Midcap 100 and Smallcap 100, exhibited stronger performance than the main benchmarks. Despite a slight weakening of the Indian Rupee, it still managed to secure its second consecutive weekly gain. Analysts suggest that technically, a breakout above 24,025 strengthens the near-term outlook, with potential targets around 24,200 and resistance near 24,571.
