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Indian Markets Extend Gains, Eyes on Global Cues and Earnings
Indian equity markets closed higher on Friday, driven by foreign investment, lower US bond yields, a stronger rupee, and positive festive sentiment. Analysts anticipate a holiday-shortened week with investors closely monitoring global trends, foreign fund activity, and upcoming quarterly earnings reports.
Market Overview:
The S&P BSE Sensex climbed 484.53 points (0.58%) to finish at 83,952.19, while the NSE Nifty 50 increased by 124.55 points (0.49%) to 25,709.85, reaching a new 52-week high. Consumption-driven stocks led the gains. Vinod Nair of Geojit Investments highlighted expectations for stronger volume growth and consistent bank earnings, supported by reduced concerns about asset quality. However, the IT sector faced pressure due to worries regarding discretionary spending and potential asset quality issues in the US banking system. Nair also noted that while global economic uncertainties like trade tensions and slowing data have caused market jitters worldwide, India’s robust domestic performance has provided a buffer, insulating its equities.
Global Influences:
Wall Street ended Friday in positive territory, buoyed by better-than-expected results from regional banks and reactions to President Trump’s comments on China. The S&P 500 rose 0.53% to 6,664.01, the Nasdaq Composite gained 0.52% to 22,679.98, and the Dow Jones Industrial Average increased 0.52% to 46,190.61.
European stocks experienced a dip, with the STOXX 600 index down nearly 1% due to renewed concerns over credit conditions in U.S. regional banks. Nevertheless, the STOXX 600 managed a weekly gain of 0.4%, supported by previous optimism regarding corporate earnings and decreasing bond yields.
Technical Analysis:
Rupak De of LKP Securities noted a positive outlook for the Nifty, stating, "The sentiment around Nifty remains upbeat as the index moved above its four-month consolidation range… Technically, Nifty looks strong for a decent upside from here, and a ‘buy on dips’ strategy might prove effective. On the lower end, meaningful support is placed at 25,500, while resistance is seen at 25,850–26,000."
Active Stocks:
- By Turnover (BSE): Adani Power (Rs 2,811 cr), RIL (Rs 2,734 cr), Eternal (Rs 2,660 cr), HDFC Bank (Rs 2,525 cr), Infosys (Rs 2,449 cr), ICICI Bank (Rs 2,433 cr), Waaree Energies (Rs 1,927 cr)
- By Volume (NSE): Vodafone Idea (46.85 cr shares), YES Bank (19.91 cr), Suzlon Energy (17.36 cr), Adani Power (17.07 cr), Eternal (17.07 cr), Wipro (4.38 cr), BLS International Services (3.99 cr)
Stocks of Interest:
- Showing Buying Interest: Whirlpool India, Bombay Burmah, Adani Power, SBFC Finance, Delhivery, Asian Paints, Bharti Hexacom
- Under Selling Pressure: Infosys, HCL Tech, Eternal, Tech Mahindra, Tata Steel, Power Grid, L&T
Over 156 stocks reached 52-week highs, including Nestle India, Maruti Suzuki, and SBI, while 126 stocks hit 52-week lows.
Market Sentiment:
Friday’s market sentiment leaned bearish, with 2,527 stocks declining, 1,641 advancing, and 158 remaining unchanged on the BSE.
Upcoming Events:
- October 21: Special Muhurat trading session from 1:45 pm to 2:45 pm to mark the beginning of Samvat 2082. Regular trading will be closed.
Ajit Mishra of Religare Broking Ltd. highlighted the event-heavy, truncated trading week ahead, mentioning the significance of quarterly earnings from major players like Reliance Industries, HDFC Bank, and ICICI Bank. He also noted that the Q2 FY26 earnings season would continue with reports from companies including Colgate, Hindustan Unilever, Dr Reddys Laboratories, and SBI Life Insurance Company.
