Indian markets surge for second consecutive week amid US-Iran ceasefire

MUMBAI: Indian equity benchmarks closed in green for the second consecutive week, amid huge short covering due to the US-Iran ceasefire.

Nifty gained 5.89 per cent during the week and added 1.16 per cent on the last trading day to reach 24,050. At close, the Sensex was up 918 points or 1.20 percent at 77,550. It gained 5.77 per cent during the week.

Both indices showed strengthening momentum and improved investor confidence.

Bank Nifty overperformed the broader market, closing at 55,912, up 1.99 per cent on Friday. It posted a steep weekly surge of 8.47 per cent.

On the weekly timeframe, the Bank Nifty index has formed a strong bullish candle, suggesting continued strength and potential for further upside if momentum sustains.

The index is likely to find support in the 53,700–53,000 range, while resistance is placed around the 56,700–57,700 zone, market participants said.