Nifty rebounds above 24,000 as oil falls and foreign funds flow in
The Nifty index closed at 24,536, up 2.4%, supported by lower crude prices and strong foreign institutional buying, while the rupee edged higher against the dollar.
The Nifty index reclaimed the 24,000 level on Thursday, closing at 24,536, a 2.4% rise, after nearly two months without crossing the threshold. The gain was driven by easing crude oil prices, robust buying by foreign institutional investors and positive global cues. The index has risen 8.1% over six consecutive sessions, and analysts expect the upward trend to continue into the festive season, citing the recent correction in oil prices and renewed foreign fund inflows.
The GIFT Nifty futures opened lower, down 0.71% at 24,426, indicating a possible gap-down start for the market on Friday. Technical analysis suggests support around 24,200, with 24,000 as a key positional level, while resistance is seen near 24,800 and 25,000. A buy-on-dips approach was recommended.
India VIX, a market-fear gauge, rose 2.6% to 15.58. In broader Asian markets, equities fell amid concerns over tighter U.S. regulation of artificial-intelligence firms.
The rupee settled 5 paise higher at 94.41 per U.S. dollar, helped by lower oil prices and foreign fund inflows. Foreign portfolio investors net bought shares worth Rs 14,975 crore, while domestic institutional investors were net sellers of Rs 10,444 crore.