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The Indian stock market on Friday ended on a strong note, driven by fresh foreign portfolio investors buying over the past three sessions.
At the end of the trading session today, BSE Sensex was up 328.72 points or 0.40 per cent at 82,500.82, and the Nifty 50 at National Stock Exchange (NSE) was up 103.55 points or 0.41 per cent at 25,285.35. In today's session, sectors such as realty, energy, and consumer durables traded higher, showing strength. Stocks of the Banking and financial sector were also resilient, but profit booking was seen in sectors such as metals, IT, and midcap indices. On the sectoral front, Nifty Realty and PSU Banks were the top two sectoral gainers, both ending up with gains of around 1.70 per cent. On the stock front, Cipla & SBI ended up as the top gainers, while Tata Steel and TCS emerged as the top two losers. At close, about 2334 stocks advanced, 1657 stocks declined, and 154 stocks remained unchanged. On October 9, Foreign Institutional Investors (FIIs) continued their buying streak for the third straight session. This consistent inflow of foreign capital likely contributed to the upward momentum in the stock markets. Observing the markets, Ajay Bagga, Banking and Market Expert, told ANI that India has witnessed multiple days of foreign portfolio investor (FPI) net inflows in the secondary markets. He highlighted that the blockbuster oversubscription of the LG Electronics IPO reflects strong investor appetite for primary market offerings.The LG Electronics IPO continued to attract significant investor attention, registering a record 54 times subscription, reflecting positive market sentiment and 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 highlight those bulls are firmly in control as indices head into the new week with renewed strength," said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities. "Nifty has reacted with the resistance at the 25,300 level and was sold off during the day, indicating strong resistance. The momentum indicators indicate negative divergence, a hint for the fall in the index towards the 20-day moving average again," said Dr Praveen Dwarakanath, Vice President of Hedged.in. According to the 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, indicating a potential shift from a brief pause to a bullish continuation phase.(ANI)
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