MUMBAI– Indian equity markets advanced for the second consecutive session on Friday, buoyed by strong buying in pharmaceutical and banking stocks, along with selective gains in auto and energy shares that lifted overall investor sentiment.
After opening about 100 points lower at 82,075 due to weakness in IT counters, the Sensex rebounded sharply to touch an intraday high of 82,654 before closing 329 points, or 0.4 percent higher, at 82,501. The Nifty 50 followed suit, ending 104 points, or 0.4 percent higher, at 25,285 after hitting a day’s high of 25,331.
Analysts said the Nifty broke out of its recent consolidation range, signaling strength in the broader trend. “The setup looks favorable for further gains in the near term. Any short-term dip would provide a good opportunity to initiate long positions,” they noted. “On the upside, the Nifty may move toward 25,500–25,550, while support is placed around 25,150.”
Among key Sensex movers, SBI gained over 2 percent, while Maruti Suzuki, Axis Bank, Adani Ports, and Power Grid rose more than 1 percent each. On the downside, Tata Steel fell 1.5 percent, and TCS slipped around 1 percent following the release of its quarterly earnings.
In the broader market, the BSE Midcap index climbed 0.4 percent and the Smallcap index advanced 0.6 percent. Sectorally, BSE Healthcare and Bankex led the gains with advances of up to 1 percent, while auto and capital goods indices added around 0.5 percent each.
Textile stocks surged as much as 17 percent after reports suggested India and the UK could double their bilateral trade by 2030. Market participants also cited optimism over a potential India–U.S. trade agreement ahead of the November deadline and easing geopolitical tensions in the Middle East as key confidence boosters.
Domestically, improving macroeconomic indicators, supported by the Reserve Bank of India’s measures to enhance credit flow and robust consumption driven by GST reforms and festive demand, helped sustain the market’s positive momentum. (Source: IANS)
