Sensex Nears 84,000, Nifty Tops 25,700 as Festive Rally Continues, FMCG and Auto Lead Gains
Despite global uncertainty and muted cues from Asian peers, domestic investor sentiment stayed upbeat. Experts attributed the optimism to institutional buying, festive season demand, and broad-based strength in large-cap stocks.
AMN / BIZ DESK
Domestic stock markets closed higher on Friday, marking the third straight session of gains ahead of the festive season. Both benchmark indices — Sensex and Nifty — scaled 52-week highs, buoyed by sustained buying in FMCG, auto, and banking counters despite mixed global cues.
At the closing bell, the Sensex gained 484.53 points (0.58%) to end at 83,952.19, while the Nifty rose 124.55 points (0.49%) to settle at 25,709.85. Analysts believe momentum may continue in the short term, with support for Nifty around 25,500 and resistance near 25,850–26,000, suggesting a “buy on dips” approach remains favorable.
Sectoral Performance
- FMCG: The top performer of the day, the FMCG index jumped 1.37%, led by strong festive demand and margin improvement on stable input costs. Stocks like ITC, Hindustan Unilever, and Dabur saw fresh buying interest.
- Auto: The Auto index extended its rally on robust festive bookings and improved rural sentiment. Mahindra & Mahindra and Tata Motors were among key gainers.
- Banking & Financials: Banking and financial stocks contributed significantly to the market’s strength, with ICICI Bank and HDFC Bank showing resilience amid continued FII inflows.
- Pharma & Realty: Select buying was seen in pharma on expectations of better Q3 results, while realty stocks advanced on festive housing demand and lower inventory levels.
- IT & Media: The only laggards of the day, both sectors faced selling pressure due to weak global tech cues and profit booking after recent gains.
Broader Market & Commodities
In the broader market, the Nifty MidCap 100 fell 0.57%, and the Nifty SmallCap 100 closed slightly lower by 0.05%, indicating profit-booking in mid- and small-cap segments after recent outperformance.
Meanwhile, gold prices extended gains for the second consecutive day, rising by ₹1,700 (1.30%) to ₹1,31,500 per 10 grams, supported by a weak US dollar index and concerns over the US government shutdown. Analysts expect gold to remain firm, with support at ₹1,28,000 and resistance near ₹1,33,000.
Market Outlook
Despite global uncertainty and muted cues from Asian peers, domestic investor sentiment stayed upbeat. Experts attributed the optimism to institutional buying, festive season demand, and broad-based strength in large-cap stocks.
Analysts say the near-term focus will remain on corporate earnings, foreign fund inflows, and global crude price movements, which could determine whether the bullish momentum sustains post-Diwali.