Mumbai, May 9 (IANS): Indian equity benchmarks closed the week on a positive note, with Nifty gaining 0.76 per cent and Sensex advancing 0.54 per cent over the week, driven by easing crude prices, a firmer rupee, and softer 10-year bond yields, even as lingering geopolitical tensions kept markets cautious toward the end of the trading week. Nifty closed the final trading day at 24,180, dipping 0.60 per cent, while Sensex ended down 516 points or 0.66 per cent at 77,328 as fresh headlines around the US-Iran conflict prompted investors to reassess expectations of a near-term peace deal and rekindled energy supply chain concerns. Midcap and smallcap indices outperformed the benchmarks, with Nifty Midcap100 adding 3.49 per cent and Nifty Smallcap100 gaining 4.05 per cent during the week, while sectors such as autos, defence, realty, and pharma witnessed strong buying interest. Investor confidence was further bolstered by favourable state election outcomes and better-than-expected Q4 earnings, which helped shift sentiment from early-week caution to a more constructive stance, allowing markets to absorb profit booking triggered toward the week’s close.
On the global front, Brent crude oil declined over 3 per cent in international markets to trade below the $95-per-barrel mark, while domestic crude futures slipped below the Rs 9,000 level, reversing much of the previous session’s escalation-driven rebound. Iran claimed the US had violated a ceasefire agreement, though US President Donald Trump reaffirmed it remained in effect and Iran subsequently said the situation had returned to normal. Looking ahead, Nifty 50 is expected to face immediate resistance in the 24,250–24,300 zone, with the 24,100–24,000 band serving as a crucial support area, while a sustained move above 55,500 in Bank Nifty could extend recovery toward the 55,800–56,000 range. Investors are closely watching upcoming India and US inflation data alongside domestic credit growth trends, as these will play a key role in shaping RBI rate expectations and the broader corporate margin outlook in the weeks ahead.