Sensex, Nifty end higher as rupee strengthens

MUMBAI, May 22: The domestic benchmark indi- ces ended higher on Friday, supported by a sharp appre- ciation in the Indian rupee against the US dollar and gains in banking and financial services stocks.

The Nifty rose 64.60 points, or 0.27 per cent, to close at 23,719.30, while the Sensex gained 231.99 points, or 0.31 per cent, to settle at 75,415.35.

Commenting on Nifty technical outlook, experts said that on the downside, immediate support is placed at 23,600, below which the index may drift towards 23,400.

“A breach below 23,400 could trigger a sharper cor- rection in the market. On the higher side, a decisive move above 23,800 may induce a fresh directional upmove in the short term,” an analyst stated.

“A decisive breakout from this range is essential for the next leg of rally or correc- tion to unfold,” an analyst added.

Investor sentiment re- ceived a boost after the In- dian currency appreciated sharply during the trading session.

The rupee strengthened by 51 paise to touch an intra-day high of 95.69 against the US dollar. However, it later pared some gains and settled at 96.20 per dollar.

Among the top gainers on the Nifty index were Trent, Shriram Finance, and Axis Bank, as financial and bank- ing counters remained in fo- cus throughout the session.

In the broader market segment, the Nifty MidCap ended 0.14 per cent higher, while the Nifty SmallCap slipped 0.15 per cent.

Sector-wise, the Nifty Private Bank, Nifty Financial Services, and Nifty Bank outperformed the broader market.

On the other hand, the Nifty Pharma, Nifty Health- care, and Nifty Media ended the session in the red.

“Market is in a buy-on- dips and sell-on-rallies pat- tern. A sustained uptrend will likely require geopolitical stability and softer oil prices, which would strengthen mac- ro conditions and improve FII sentiment, especially as corporates head into a weak Q1 FY27,” a market expert mentioned. (IANS)