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The Indian stock market extended its rally for the third straight session on Thursday, despite weak global market sentiments following the hawkish outcome of the US Federal Reserve meeting.
The Nifty 50 index climbed 75 points to end the day at 23,398, while the BSE Sensex surged 204 points to close at 76,810.
However, the Bank Nifty index fell 48 points to settle at 49,846.
Analysts attributed the positive performance of the domestic market to factors such as easing inflation, better-than-expected industrial production data, and expectations of a favorable union budget next month.
On the outlook for Friday's trade, Nagaraj Shetti of HDFC Securities said that the Nifty 50 is likely to remain range-bound with a positive bias in the short term.
He noted that the index faces resistance around 23,400 to 23,500 levels, while immediate support is at 23,280 levels.
Neeraj Sharma of Asit C Mehta said that the Bank Nifty index formed a bearish Marubozu candlestick pattern on the daily chart, indicating weakness.
He added that immediate support for the index is placed near 49,000 levels, where the 21-DEMA is.
Siddhartha Khemka of Motilal Oswal said that the market is likely to be influenced by global cues and expectations of a favorable union budget.
He added that robust domestic macros, healthy monsoon prediction, and strong earnings expectations will support the uptrend.