Mumbai (Maharashtra) [India], January 2 (ANI): The Indian Stock Market on Friday closed, witnessing a 573-point spike in the Sensex while Nifty 50 settled at a record closing high of 26,328.

At close, the Sensex was up 573.41 points or 0.67 per cent at 85,762.01, and the Nifty was up 182 points or 0.70 per cent at 26,328.55.

Earlier, the benchmark indices opened with marginal gains, reflecting a cautious stance among investors amid limited global cues as several Western markets remained closed for the New Year holiday.

Indian rupee ended lower at 90.19 per dollar on Friday against Thursday's close of 89.96.

Rupak De, Senior Technical Analyst at LKP Securities on Nifty, said, 'The index has broken above its previous swing high, reinforcing a positive trend bias. The bullish crossover of the 20 EMA and 50 EMA further strengthens the upward structure. Additionally, the daily RSI has broken out of its prior consolidation phase, signalling a pickup in momentum.'

'The trend is expected to remain firm in the near to short term, with a buy-on-dips approach favouring the bulls as long as the index sustains above 26,000. On the upside, a decisive move above 26,350 could open the door for an advance towards 26,600 in the short term,' he added.

Nilesh Jain, Head - Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd, said, 'The Nifty extended its uptrend for the third consecutive session, breaking out of a symmetrical triangle pattern on the daily chart. It touched a fresh all-time high of 26,340, aided by broad-based short covering.'

Ponmudi R, CEO of Enrich Money, said, 'Indian equity markets closed the session on a firmly bullish note, with benchmark indices extending their uptrend and registering fresh all-time highs. Market sentiment remained positive, supported by stable domestic macro fundamentals and continued confidence in India's medium-term growth trajectory. Positive global cues, coupled with selective buying across autos, metals, and banking stocks, reinforced investor confidence and supported the broader market structure.'

'While stock-specific volatility was evident, most notably following sharp selling pressure in ITC, the broader market continued to draw strength from resilient consumption trends and sustained government-led capital expenditure. Expectations around the upcoming earnings season remain constructive, particularly for banking, infrastructure, consumer goods, and manufacturing-linked sectors,' he added.

Vinod Nair, Head of Research, Geojit Investments Limited, said, 'After the New Year holiday, the global markets initiated 2026 on a positive note, while strong domestic automobile sales helped Indian equities to touch a fresh all-time high. Investor sentiment remains broadly constructive as attention turns to Q3 earnings, which are expected to guide near-term market direction. Supportive fiscal policies and gradual monetary easing are likely to shape the investment landscape in 2026. However, investors are focusing on large-cap stocks for stability while selectively exploring mid-cap opportunities in cyclical sectors and areas driven by domestic growth.' (ANI)