By Malvika Gurung
Investing.com -- The domestic market indices made strong gains on Friday, marking their biggest uptick in the calendar year 2023.
The key sectoral index Nifty Bank rallied 2.5% in Friday’s intraday trade, hitting the session’s high at 41,390.15 points and ended the day 2.13% or 861.55 points higher at 41,251.35 points on March 3, with all constituent stocks ending in the green except one.
In a note provided to Investing.com, Kunal Shah, Senior Technical Analyst at LKP Securities pointed out that the Nifty Bank index bulls came back strong and surpassed the hurdle of 40,800 with a sharp surge in volumes.
He noted that the index momentum indicator has given a positive crossover on the daily chart, which confirms a buy signal.
“The index is likely to touch the level of 42,000 where fresh call writing has been observed,” Shah added.
Banking behemoth State Bank of India (NS:SBI) led the rally on the Nifty Bank pack, followed by public sector lenders Bank of Baroda (NS:BOB) and Punjab National Bank (NS:PNBK).
All the stocks under the 12-scrip sectoral index ended Friday marked in green, except the private sector lender Bandhan Bank (NS:BANH).
Further, Bank NIFTY Futures jumped 1.96% or 795.85 points to 41,423.65.
Benchmark indices Nifty50 surged 1.57% to close the March 3-ended week at 17,594.35 points, and Sensex rose sharply by 899.62 points or 1.53%.
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