Closing Bell: Market Soars as Trump Hits Tariff Pause, Nifty Surges Above 23,700, Sensex Gains 1,397 Points

MUMBAI: In a dramatic market rally on February 4, Indian equity indices surged, with the Nifty crossing the 23,700 mark and the Sensex soaring by an impressive 1,397 points or 1.81%, closing at 78,583.81. The Nifty added 378.20 points, climbing 1.62% to end the day at 23,739.25, marking a significant recovery from previous lows.

Market Boosted by Trump’s Tariff Pause and Positive Sectoral Moves

The sharp upward movement was triggered by news of a tariff pause from former U.S. President Donald Trump, which led to a surge in market sentiment. On the sectoral front, the rally was broad-based, with almost all indices in the green. Notably, Nifty PSU Bank, Infra, Energy, and Oil & Gas sectors gained over 2% each. This positive momentum was further supported by strong gains in the Nifty Midcap and Smallcap indices, which rose 1.6% and 1% respectively.

Key Sectors to Watch:

• PSU Banks, Oil & Gas, and Infra: These sectors were the top performers, with gains of over 2% each.
• FMCG: This sector remained the only laggard, closing in the negative territory.

Top Gainers and Losers on the Nifty

• Biggest Gainers: Stocks like Shriram Finance, L&T, Adani Ports, Bharat Electronics, and IndusInd Bank led the charge, showing remarkable gains.
• Top Losers: On the flip side, Trent, Britannia Industries, Hero MotoCorp, Nestle India, and Eicher Motors faced selling pressure, ending the day in the red.

Technical Outlook: Market Breaks Resistance, Bullish Momentum Ahead

From a technical perspective, the market opened with a gap-up, and successfully cleared the critical resistance zone of 23,500/77,800. Following this, the bullish momentum intensified, supported by a bullish candle on the daily charts and an uptrend continuation formation on the intraday charts.

Key Levels to Watch:

• Immediate Resistance: The market may continue its upward movement, with potential resistance levels around the 23,800-24,000 range.
• Support Levels: 23,500 remains a crucial support zone, and any breach below this could lead to a pullback.

A Strong Day for Indian Markets

In summary, Indian equity markets had a stellar session, boosted by global factors and strong sectoral performance. With Nifty above 23,700 and Sensex adding over 1,397 points, the outlook remains positive for the short term, especially if the market maintains this bullish momentum.