The Indian stock market has bounced back after a four-day losing streak, with the Nifty closing above 25,900. This surge was driven by buying across various sectors and increased hopes for further rate easing by the Federal Reserve. The Sensex was up 447.55 points or 0.53 percent at 84,929.36, and the Nifty was up 150.85 points or 0.58 percent at 25,966.40.
The broader indices outperformed the main indices, with the BSE midcap and smallcap indices rising 1 percent each. Despite this week's overall decline of 0.3 percent for both the BSE Sensex and Nifty50, the market's rebound is a promising sign.
The biggest Nifty gainers included Shriram Finance, Max Healthcare, Bharat Electronics, Power Grid Corp, and Tata Motors Passenger Vehicles. On the other hand, HCL Technologies, Adani Enterprises, Hindalco, JSW Steel, and Kotak Mahindra Bank were among the losers.
In stock-specific news, Reliance Industries shares rose 1.4% after its arm picked up a majority stake in Udhaiyams Agro Foods. Pharma and healthcare stocks jumped after the US Senate passed the Biosecure Act. Other notable gainers included Niraj Cement Structurals, Biocon, and NBCC India.
More than 170 stocks hit 52-week lows, while nearly 100 stocks hit 52-week highs. Notable stocks that reached new highs included Shriram Finance, Laurus Labs, Ashok Leyland, and Titan Company.
ICICI Prudential AMC made a strong debut at Rs 2,600 per share on the NSE, with a more than 20 percent premium over its initial public offer (IPO) price. The share price ended the session at Rs 2,576.40, up Rs 411.40, or 19.00 percent.
The Nifty has witnessed a breakout from a falling wedge pattern, indicating improving market sentiment. The index has reclaimed the 21-day EMA on the daily chart and recovered towards the 26,000 mark. Going forward, 26,000 will be a key level to watch, with a decisive move above this level potentially propelling the index towards 26,300.
Remember, this is a perspective and not a prediction. It's essential to do your own research and consult with certified experts before making any investment decisions.
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