Weekly Update- 02 April 2026

NIFTY50

Nifty closed at 22,713, down 106.5 points (-0.47%). It was a short week with only three trading sessions due to holidays. The week began with broad-based selling pressure on Monday, driven by rising crude oil prices and ongoing geopolitical tensions. However, sentiment improved over the next two sessions, with the index witnessing a sharp bounce back from lower levels and closing in the green, indicating buying interest near support zones. For the coming week, key support is placed around 22,300, while resistance lies near 23,100, with a buy-on-dips approach near support levels while maintaining tight risk management.

BANKNIFTY

Bank Nifty closed at 51,549, down 726 points (-1.39%). It was a short week with only three trading sessions due to holidays. The week began with broad-based selling pressure on Monday, driven by rising crude oil prices and ongoing geopolitical tensions. The index underperformed Nifty during the week, reflecting relative weakness in the banking space. However, sentiment improved over the next two sessions, with a sharp bounce back from lower levels, indicating buying interest near support zones. For the coming week, key support is placed around 50,200, while resistance lies near 52,200, with a buy-on-dips approach near support levels while maintaining tight risk management.

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week

Major gainers were:-

PERSISTENT:- up by 6.69%

COFORGE:- up by 6%

MPHASIS:- up by 4.39%

TECHM:- up by 3.59%

TOP LOSING SECTOR

NIFTY PHARMA was top losing sector for the week

Major losers were:-

SUNPHARMA:- down by 5.58%

DRREDDY:- down by 5.02%

BIOCON:- down by 4.74%

CIPLA:- down by 4.02%

IMPORTANT NEWS

• HDFC Bank reported a 15% YoY deposit growth, while AU Small Finance reported a 23% increase in deposits.
  
• The Indian rupee showed a sharp rebound, strengthening from record lows to around 93 per dollar. Global oil prices, driven by Middle East tension, remained high ($100+), impacting sentiment.
  
• The Sensex and Nifty halted a six-week decline on a weekly basis, closing around 73,319 and 22,713 respectively, showing signs of a potential rebound but remaining in a volatile "make-or-break" zone.

• Major gains seen in IT stocks (TCS, Infosys) ahead of earnings reports, while Sun Pharma faced pressure over US tariffs.

• Despite positive Q4 updates, banking sectors, including PSU banks and financial services, were down up to 5% in the weekly, indicating cautious sentiment.