Sensex gains 300 pts from day’s low, Nifty above 23,100: Value buying among key factors behind market rise

The latest market report highlights that The key market indices The two key benchmark indices traded elevated in Friday's session amid value buying in the beaten-down stocks after a sharp slide in the previous session.

At around 9:40 a.m., the Sensex was up 172.89 points or 0.23 percent at 73,753.43, while the broader Nifty advanced to 23,113.05, up 49.95 points or 0.22 percent.

Key factors behind market climb

1) Value buying: Value buying emerged after a sharp slide in the previous session. The markets recorded their steepest dip in ‌10 weeks in the previous session, as elevated crude prices and global bond yields ​continued to weigh on sentiment.

2) Slide in oil price marks: Oil price marks edged softer on Friday after a volatile week, although Brent remained above $105 a barrel and continued to pose a significant risk for India. The slide came as market participants weighed the possibility of a US-Iran truce against continuing geopolitical risks following Houthi attacks on Saudi Arabia.

Brent crude futures declined 0.82 percent to $105.73 a barrel, while West Texas Intermediate declined 1.65 percent to $93.05.

3) Slide in India Vix: The fear gauge declined 3 percent to 12.32 level.

Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm, noted that Nifty 50 stays under significant technical pressure after the sharp slide in the last session, with the broader structure staying decisively weak. On the way up, 23,200–23,300 is likely to act as the immediate resistance zone. A sustained close above 23,300 could trigger a relief move toward 23,400–23,500, but until that zone is convincingly reclaimed, any bounce is likely to face fresh selling.

"On the downside, 23,000 stays the key psychological backing to watch. This is reinforced by options data, where heavy Put OI is stacked around 23,000, making this an important level for the near-term structure. A decisive breakdown below this level would likely accelerate selling and open the door toward 22,900–22,800. Overall, the near-term setup stays bearish. While oversold conditions could trigger intermittent relief rallies, a sustained recovery would require the index to reclaim 23,300 and subsequently 23,500," he further noted.