The momentum, however, faded in the second half as lack of follow-through buying triggered profit booking, trimming nearly 190 points from the day’s peak.
The index briefly moved above its 50-day EMA during the session but failed to hold those levels on a closing basis, even as it managed to stay above the key support zone of 24,150.
The Nifty eventually settled 181 points higher at 24,177.
Heavyweights such as ITC Ltd., Tech Mahindra Ltd. and Reliance Industries Ltd. led the gains, while InterGlobe Aviation Ltd., Dr. Reddy’s Laboratories Ltd. and NTPC Ltd. ended among the top laggards.
Sectorally, the trend remained mixed, with FMCG, realty and auto stocks advancing, while media, PSU banks and consumer durables saw weakness.
Broader markets diverged, as the Nifty Midcap 100 slipped 0.10% even as the Nifty Smallcap 100 gained 0.65%.
Markets are now likely to track domestic political developments, with exit polls following the second phase of state elections due later in the day. These cues, along with the final results next week, could keep sentiment volatile.
The ongoing earnings season will also remain a key trigger, with results lined up from companies such as Bajaj Finserv Ltd., Hindustan Unilever Ltd., NSDL and Adani Enterprises Ltd..
From a technical perspective, resistance is seen in the 24,400 to 24,500 zone, while immediate support is placed near 24,000.
Analysts say that a decisive move above the 24,300 to 24,350 band could push the index towards 24,600, whereas on the downside, 23,800 remains a key support level. As long as these levels hold, dips are likely to attract buying interest.
Meanwhile, the Nifty Bank continues to struggle to sustain higher levels, marking repeated instances of intraday rallies followed by sharp pullbacks.
Immediate support is seen in the 55,000 to 54,900 zone, while resistance is placed around 55,900 to 56,000.
