Stock Market Highlights: Markets extend gains for fifth day; Nifty closes above 23,300, small and midcap outperform – Market News

ONGC shares jumped 4% to Rs 245.85 during intraday trading on Friday. On a year-to-date (YTD) basis, the stock has also climbed nearly 4%.

As of now, the major gainers are NTPC, ONGC, Coal India, Bajaj Finance, and L&T. in the Nifty 50. On the other side, the major losers are IndusInd Bank, Infosys, Bajaj Finserv, Hindalco and BEL.

Ola Electric’s stock jumped 9% to Rs 56 per share after the company addressed concerns over reports about its February 2025 sales. The EV maker, led by Bhavish Aggarwal, dismissed the claims as misleading, stating that its sales remain strong. The company clarified that a temporary backlog in vehicle registrations last month was due to ongoing discussions with vendors handling the process, rather than a slowdown in demand.

The Nifty IT index, which opened on a negative note with a nearly 2% decline, rebounded during intraday trading and turned positive, rising by 0.2%. Leading the recovery, MphasiS surged 3.5%, followed by Coforge, which gained 2%. Other stocks showing positive momentum include Persistent Systems, HCL Tech, Larsen & Toubro, Tech Mahindra, TCS, and LTIMindtree. Out of the 10 stocks in the index, only Infosys and Wipro are currently trading in the red. Infosys is down 1.5%, while Wipro has declined 0.6%.

“Technically, the market successfully crossed the 50-day SMA (simple moving average) level and the 23,000/75700 resistance zone, which is largely positive. Additionally, it formed a bullish candle on the daily chart, supporting further upside from current levels. We believe the overall market sentiment is bullish, but buying on dips and selling on ups would be the ideal strategy for day traders. In the near term, 23,100/76000 and 23,000/75700 or (50-day SMA) will be the key support zones, while 23,300/76500 and 23,400/76800 may act as key resistance zones for day traders,” said Shrikant Chouhan, Head – Equity Research, Kotak Securities.

“Crude oil remained highly volatile and extended its gains, supported by U.S. sanctions on Iran and OPEC+ plans to cut production. Prices also rose after a Ukrainian drone attack on Russia. The U.S. imposed fresh sanctions on Iranian crude shipments, targeting a Chinese refinery and its suppliers. OPEC+ announced output cuts of 189,000 to 435,000 barrels per day until June 2026,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“Crude oil is having support at $67.70-67.00 and resistance is at $68.90-69.60 in today’s session. In INR crude oil has support at Rs 5,820-5,760 while resistance at Rs 5,970-6,050,” he added.

“Nifty seemed to be in a hurry yesterday, taking just three days to travel the upper half of the Bollinger band range, in stark contrast to the 10 days needed for the lower half. In doing so, it cast aside any need for consolidation, which was half anticipated yesterday. While all this is in line with the 23450- 23807 trajectory, the close above the upper Bollinger band as well as an evening star candlestick formation recommends a cautious approach today. Plenty of support below, at 23085- 23025-22970 shall attract bargain buyers, but slippage past the same could expose 22650. A collapse is less expected though,” said Anand James, Chief Market Strategist, Geojit Financial Services.

“Nifty has rebounded sharply in the last four sessions, but concerns remain as inflation stays high and Trump’s policies could worsen it. Accenture raised its revenue forecast, while Infosys and Wipro ADRs faced pressure. FIIs were net buyers for the fifth time in 2025, supported by Fed Chair Powell’s dovish tone. Nifty crossed the 23,000 mark, with optimism fueled by potential Fed rate cuts and hopes of tariff adjustments. Power stocks like NTPC and TATA POWER are in focus, while Hindustan Copper surged on record copper prices. For Nifty, buy on dips with targets at 23,350 and 23,850,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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