MUMBAI – Indian equity benchmarks ended higher for the second consecutive session on Friday, lifted by strong buying in pharmaceutical and banking stocks, along with select gains in auto and energy counters.
After a soft start, the Sensex opened around 100 points lower at 82,075 amid weakness in IT shares but quickly rebounded to hit an intra-day high of 82,654 before closing 329 points, or 0.4 percent higher, at 82,501. The Nifty followed a similar trajectory, climbing 104 points to finish at 25,285 after touching a day’s high of 25,331.
“The Nifty broke out of its recent consolidation range, sustaining above key moving averages. The trend remains positive, and any short-term dip could present a buying opportunity,” analysts said, noting that near-term targets for the index lie between 25,500 and 25,550, with support seen at 25,150.
Among major gainers on the Sensex, State Bank of India rose more than 2 percent, while Maruti Suzuki, Axis Bank, Adani Ports, and Power Grid advanced over 1 percent each. On the losing side, Tata Steel slipped 1.5 percent, and Tata Consultancy Services declined about 1 percent a day after reporting its quarterly results.
In the broader market, the BSE Midcap index added 0.4 percent and the Smallcap index gained 0.6 percent, reflecting continued investor interest in secondary stocks. Sectorally, the BSE Healthcare and Bankex indices each climbed up to 1 percent, while auto and capital goods shares gained around 0.5 percent.
Textile companies also saw a sharp rally of up to 17 percent intraday after reports suggested that India and the United Kingdom could double bilateral trade by 2030.
Market sentiment was further buoyed by optimism surrounding the prospects of an India–U.S. trade deal before the November deadline and easing geopolitical tensions in the Middle East. On the domestic front, improving macroeconomic indicators, the Reserve Bank of India’s efforts to enhance credit flow, and steady consumption trends during the early festive season contributed to the positive tone.
Analysts said that with strong sectoral performance and supportive fundamentals, the near-term outlook for Indian equities remains constructive, with investors likely to maintain a buy-on-dips approach. (Source: IANS)
