Following a four-day decline, markets recover; the Sensex gains 599 points

Due to strong value buying in car and banking shares, the stock markets ended their four-day losing skid on Friday, rising from their early lows to finish higher.

The 30-share BSE Sensex closed at 73,088.33, up 599.34 points, or 0.83 percent. The index fell more than 672.53 points, or 0.92 percent, after opening lower and reached a low of 71,816.46 in early trading. On the other hand, value-buying in banking shares helped the index recover in the second half.

To end at 22,147, the NSE Nifty increased by 151.15 points, or 0.69 percent. In the early going, the wider index fell as low as 21,777.65, but it later pared its losses and closed higher. The top gainers from the Sensex basket were Bharti Airtel, Bajaj Finserv, ICICI Bank, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, and ITC.

Among the laggards were Infosys, Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, and Tata Motors. After the company’s revenue growth projection for FY25 fell short of market expectations, Infosys saw a roughly 1% fall.

“On Friday, the Nifty Bank index had a significant decline during the first session, but it skillfully recovered to end the day at 47,574. Technically, the Banknifty’s trend line support is located close to 46,600. Should the index maintain its 46,600 level support, then

A retreat rallying to 48,000 is not completely out of the question,

Neeraj Sharma is Asit C. Mehta Investment Intermediates Ltd.’s AVP of Technical and Derivatives Research.