Indian equity markets ended the week on a positive trajectory, supported by favourable domestic cues and renewed political confidence following the NDA’s landmark victory in Bihar.
Analysts said that a resolution to the US government shutdown and better-than-expected quarterly earnings further strengthened risk appetite.
The sharp dip in October’s retail inflation, now at its lowest in months, reinforced expectations of an imminent RBI rate cut, lending additional support to equities.
Vinod Nair, Head of Research at Geojit Financial Services, noted that sectoral momentum remained broad-based, driven by IT, pharmaceuticals, healthcare, and automobile stocks.
However, he added that profit-booking emerged in the IT pack later in the week as investors scaled back hopes of an early US Federal Reserve rate cut.
Friday’s session saw the indices trade under pressure for most of the day, swinging between losses and marginal recoveries. A strong rebound in the final hours helped markets end in the green despite cautious global cues.
Market volatility intensified as traders tracked developments in the Bihar election, which emerged as the day’s key domestic trigger. Weakness in global markets, particularly following a sharp sell-off on Wall Street led by technology majors, also weighed on sentiment.
Benchmarks Close Higher; PSU Banks Lead Rally
At the closing bell, the Sensex rose 84 points, or 0.1 per cent, to settle at 84,563, while the Nifty advanced 31 points to end at 25,910. PSU banks led sectoral gainers with an uptick of 1.17 per cent, followed by notable strength in pharma and FMCG counters.
Energy and infrastructure stocks registered mild gains, while IT declined 1.03 per cent. Auto, metals, and realty shares also closed lower.
Among broader indices, the Nifty Small-cap 100 climbed 0.38 per cent, and the Midcap 100 added 0.08 per cent.
Analysts observed that Nifty’s weekly chart shows a robust bullish candle with a higher high and a higher low, indicating a pullback after recent corrections. A sustained move above last month’s peak of 26,100 could pave the way for retesting the all-time high of 26,277 in the coming week.
Investors will now focus on upcoming macro indicators, including India’s PMI numbers, US jobless claims, FOMC minutes, and progress in US–India trade negotiations, which are expected to guide market direction.
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