CHENNAI: Indian equity markets ended the week on a positive note. The Sensex rose 484 points, closing at 83,952, while the Nifty 50 gained 125 points to finish at 25,710. Markets opened weak due to mixed global cues but recovered strongly during the session, supported by buying in large-cap stocks and financials.
FMCG, automobiles, banks, and consumer durables led the gains. On the other hand, IT, media, and energy sectors saw relative weakness. Among major stocks, Reliance Industries rose nearly 1 percent, supporting overall market strength, while IT companies like Wipro and Infosys faced selling pressure. ICICI Bank also contributed positively with a gain of around 1.4 percent.
Currency and Global factors
The Indian rupee showed modest gains, supported by central bank intervention, though strength was limited by importers’ hedging activity. Globally, mixed signals initially kept markets cautious, but expectations of supportive US policy helped sustain buying later in the session. Foreign institutional investors (FIIs) slowed net selling in October, providing additional support to the market.
Nifty’s close above 25,700 is seen as a bullish signal, with potential to test 26,000 if momentum continues. Key support levels are around 25,500 for Nifty and 83,200 for Sensex. Bank Nifty showed strength, reflecting positive sentiment in financial stocks.
Asian markets
Asian markets showed a mixed trend on Friday, as optimism in select markets offset weakness across others amid lingering global economic concerns.
South Korea’s KOSPI stood out with a strong close at a record 3,748.89, buoyed by optimism following the US election results and renewed investor confidence in technology shares.
However, sentiment across the broader region remained cautious. Hong Kong’s Hang Seng Index fell 2.48 percent, weighed by concerns over US regional banks and fears of financial contagion. China’s Shanghai Composite Index also slipped 1.95 percent, posting its weakest week in ten, as traders booked profits in artificial intelligence stocks and stayed cautious ahead of an upcoming leadership meeting.
Elsewhere, Japan’s Nikkei 225 and Singapore’s Straits Times Index ended slightly lower, mirroring the broader mood of restraint across Asian markets.
These developments underscore the interconnectedness of global financial markets and the impact of US banking sector concerns on investor sentiment across Asia.