Mumbai (Maharashtra) [India], October 10 (ANI): The Indian stock market ended on a strong note on Friday, driven by renewed foreign portfolio investor (FPI) buying over the past three sessions.
At the close of trading, the BSE Sensex rose 328.72 points, or 0.40 percent, to 82,500.82, while the Nifty 50 on the National Stock Exchange (NSE) gained 103.55 points, or 0.41 percent, to end at 25,285.35.
Sectors such as realty, energy, and consumer durables traded higher, while the banking and financial sectors showed resilience. However, profit-booking was observed in metals, IT, and midcap indices. On the sectoral front, Nifty Realty and PSU Banks were the top gainers, each closing with gains of around 1.70 percent. Among individual stocks, Cipla and SBI were the top performers, while Tata Steel and TCS emerged as the leading losers.
By the end of the session, about 2,334 stocks advanced, 1,657 declined, and 154 remained unchanged.
On October 9, Foreign Institutional Investors (FIIs) continued their buying streak for the third consecutive session. This steady inflow of foreign capital likely contributed to the market’s upward momentum.
Ajay Bagga, Banking and Market Expert, told ANI that India has witnessed multiple days of FPI net inflows in the secondary markets. He noted that the oversubscription of the LG Electronics IPO reflects strong investor appetite for primary market offerings. The IPO recorded a remarkable 54 times subscription, highlighting positive market sentiment and robust retail participation.
“Indian equity benchmark indices ended the week on a powerful note as they registered decisive breakouts, reinforcing bullish momentum across key sectors. The sustained buying interest and follow-through action show that bulls are firmly in control as indices head into the new week with renewed strength,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
“Nifty reacted to resistance at the 25,300 level and was sold off during the day, indicating strong resistance. The momentum indicators show negative divergence, hinting at a possible fall in the index toward the 20-day moving average,” said Dr. Praveen Dwarakanath, Vice President of Hedged.in.
According to market experts, Bank Nifty gave a strong breakout above the previous two days’ resistance zone of 56,280–56,300 and closed higher with a sizeable bullish candle on the daily chart. With Friday’s close, the index also broke the downward-sloping trendline on the weekly chart, signaling a potential shift from a brief pause to a bullish continuation phase. (ANI)
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