Tue Feb 04 12:07:12 UTC 2025: **Indian Equities Surge on Global Rebound, Nifty Tops 23,700**
MUMBAI, February 5 – Indian equity markets experienced a significant rally on February 4th, fueled by a global market rebound and renewed investor confidence. The Sensex soared 1,397.07 points (1.81%), closing at 78,583.81, while the Nifty surged 378.20 points (1.62%), reaching 23,739.25. This marks a strong recovery, with almost all major sectors participating in the upswing. Oil and Gas, and PSU Banks led the gains, each exceeding 2% growth.
The positive momentum followed a gap-up opening, successfully breaking through the 23,500/77,800 resistance zone. Analysts point to a bullish candle on daily charts and an uptrend continuation formation on intraday charts as indicators of further potential upward movement. Key support levels are now seen at 23,600/78,100 and 23,500/77,800, while resistance is anticipated at 23,800/78,700–23,850/78,900.
The rally was broad-based, with energy, banking, and metals sectors spearheading the advance. Midcap and Smallcap indices also saw strong gains, rising by 1.56% and 1.09%, respectively. Large-cap stocks remain favored by investors.
While the market’s positive sentiment is attributed to a global rebound and anticipation of an RBI rate cut, some analysts advise a strategy of buying on intraday dips and selling on rallies for day traders. The Indian rupee also strengthened, closing 12 paise higher at 87.07 per dollar. Top gainers on the Nifty included Shriram Finance, L&T, Adani Ports, Bharat Electronics, and IndusInd Bank, while Trent, Britannia Industries, Hero MotoCorp, Nestle India, and Eicher Motors were among the losers. The overall market outlook remains bullish, with further upside potential projected in the short term, although resistance at the 24,000 mark for the Nifty is anticipated.
First Piper 