Market wrap: TCS, Tech Mahindra, ICICI Bank, ITC top gainers and losers on Nifty and Sensex on Friday

Indian equity markets ended higher on Friday, August 28, snapping a two-session losing streak, as a sharp rally in heavyweight IT stocks helped lift the benchmark indices.

The NSE Nifty50 closed at 24,175.65, up 84.80 points, or 0.35%, while the BSE Sensex settled at 77,264.51, gaining 330.92 points, or 0.43%.

Buying interest extended to the broader markets, with the Nifty Midcap100 and Nifty Smallcap100 indices ending 0.05% and 0.20% higher, respectively.

Among sectors, the Nifty IT index emerged as the top performer, surging more than 3.5% during the session. The Nifty Metal index also gained 0.75%. In contrast, the Nifty FMCG and Nifty Consumer Durables indices declined nearly 0.5% each.

The India VIX, which measures expected market volatility, fell 3.72% to settle at 10.66.

Market breadth was positive, with 1,918 stocks advancing on the NSE against 1,561 declines, while 124 stocks remained unchanged.
Analysts expect Indian equities to trade within a broader range amid a lacklustre market environment, mixed global cues and persistent geopolitical tensions. Brent crude has cooled to around $88 a barrel, down about 8% over the past nine days. Investors are also awaiting further clarity on geopolitical developments, while key global and domestic macroeconomic triggers are expected to guide market direction.ALSO READ: A 10% gold rally could create $400 billion in wealth for Indians. Jefferies names stocks set to benefit

Here are today’s top gainers on the Nifty

Here are today’s top gainers on the Sensex

Here are today’s top losers on the Nifty

Here are today’s top losers on the Sensex

Technical View

The Nifty50 formed a bullish candle on Friday but largely remained within the previous session’s trading range, signalling consolidation amid stock-specific activity.

According to Bajaj Broking Research, a move above Friday’s high and the 50-day EMA, placed around 24,190, could open the way for a pullback towards the 24,300–24,350 levels in the coming sessions. On the downside, a breach of the weekly low of 24,076 could lead to a test of the key support zone at 24,000–23,800.

“Overall, we expect the index to extend the recent consolidation and trade in the broad range of 23,800–24,600 amid stock-specific action,” the brokerage said. Within this range, the two-week high around 24,380 remains an immediate hurdle. A sustained move above this level could signal a positive shift, while failure to clear it could keep the bias corrective.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)