Indian benchmark indices Sensex and Nifty advanced Friday, lifted by gains in financial heavyweights on renewed foreign portfolio investor (FPI) inflows over the past three sessions. Optimism ahead of the quarterly earnings season added to the upbeat mood, though Tata Consultancy Services ( TCS) capped broader gains after posting weaker-than-expected September-quarter results.
The S&P BSE Sensex climbed 328.72 points, or 0.40%, to close at 82,500.82, while the NSE Nifty 50 added 103.55 points, or 0.41%, to settle at 25,285.35.
Top Movers
On the 30-share Sensex, State Bank of India, Maruti Suzuki, Axis Bank, NTPC, and Power Grid led the advance, rising between 1% and 2%.
Broader markets also firmed, with midcaps up 0.5% and smallcaps gaining 0.7% on the day.
The Nifty IT index closed flat, as Tata Consultancy Services slipped 1.1% after posting weaker-than-expected September-quarter earnings. Still, IT stocks jumped 4.9% for the week, the best-performing sector, helped by TCS’s stronger-than-forecast revenue growth.
Financials climbed 1.6% for the week, buoyed by the Reserve Bank of India’s recent lending reforms and improved loan growth outlook.
Among individual movers, Tata Elxsi dropped 3% after reporting a decline in quarterly profit.
Both the Nifty 50 and Sensex rose about 1.6% this week, their strongest showing in three months.
Expert views
Indian equities closed higher, led by strong gains in banking and pharmaceutical stocks and investor sentiment improved after the government invited private sector professionals to lead State Bank of India, said Vinod Nair, Head of Research at Geojit Investments, adding that this marks a broader policy shift towards allowing private participation in public sector enterprises, aimed at enhancing efficiency and governance.
"Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction," said Nair.
Global Markets
Global markets took a breather Friday after a record-setting week, with stocks and gold prices easing while the dollar headed for its strongest week in over a year amid sharp declines in the yen and euro.
European shares opened subdued as traders watched for political developments in France, where President Emmanuel Macron faces mounting pressure to resolve the ongoing crisis. The pan-European STOXX 600 held steady at 571 points, on track for a third consecutive weekly gain, while Paris’s CAC 40 rose 0.3% alongside a modest uptick in the euro, which remains set for its weakest week since July.
U.S. stock futures steadied ahead of next week’s third-quarter earnings season kickoff. In Asia, Chinese stocks dropped 1.4% after Beijing tightened export controls on rare earths ahead of planned talks between Presidents Donald Trump and Xi Jinping.
Gold hovered near $4,000 an ounce after briefly retreating from record highs, while silver traded above $50, extending this year’s outsized gains.
Crude impact
Oil prices slipped Friday, extending the previous session’s 1.6% decline, as risk premiums faded following an agreement between Israel and Hamas on the first phase of a plan to end the Gaza conflict.
Brent crude futures fell 66 cents, or 1%, to $64.56 a barrel at 10:16 GMT, while U.S. West Texas Intermediate slid 61 cents, or 1%, to $60.90.
Rupee vs Dollar
The Indian rupee edged higher Friday, pulling back slightly from its record low after spending much of the week hovering near it, as steady central bank intervention prompted interbank dollar sales. The rupee settled at 88.6850 per U.S. dollar, up from 88.7825 in the previous session, marking a 0.1% weekly gain.
The dollar index, meanwhile, rose more than 1.5% for the week—its strongest showing since November 2024.
(With inputs from agencies)
The S&P BSE Sensex climbed 328.72 points, or 0.40%, to close at 82,500.82, while the NSE Nifty 50 added 103.55 points, or 0.41%, to settle at 25,285.35.
Top Movers
On the 30-share Sensex, State Bank of India, Maruti Suzuki, Axis Bank, NTPC, and Power Grid led the advance, rising between 1% and 2%.
Broader markets also firmed, with midcaps up 0.5% and smallcaps gaining 0.7% on the day.
The Nifty IT index closed flat, as Tata Consultancy Services slipped 1.1% after posting weaker-than-expected September-quarter earnings. Still, IT stocks jumped 4.9% for the week, the best-performing sector, helped by TCS’s stronger-than-forecast revenue growth.
Financials climbed 1.6% for the week, buoyed by the Reserve Bank of India’s recent lending reforms and improved loan growth outlook.
Among individual movers, Tata Elxsi dropped 3% after reporting a decline in quarterly profit.
Both the Nifty 50 and Sensex rose about 1.6% this week, their strongest showing in three months.
Expert views
Indian equities closed higher, led by strong gains in banking and pharmaceutical stocks and investor sentiment improved after the government invited private sector professionals to lead State Bank of India, said Vinod Nair, Head of Research at Geojit Investments, adding that this marks a broader policy shift towards allowing private participation in public sector enterprises, aimed at enhancing efficiency and governance.
"Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction," said Nair.
Global Markets
Global markets took a breather Friday after a record-setting week, with stocks and gold prices easing while the dollar headed for its strongest week in over a year amid sharp declines in the yen and euro.
European shares opened subdued as traders watched for political developments in France, where President Emmanuel Macron faces mounting pressure to resolve the ongoing crisis. The pan-European STOXX 600 held steady at 571 points, on track for a third consecutive weekly gain, while Paris’s CAC 40 rose 0.3% alongside a modest uptick in the euro, which remains set for its weakest week since July.
U.S. stock futures steadied ahead of next week’s third-quarter earnings season kickoff. In Asia, Chinese stocks dropped 1.4% after Beijing tightened export controls on rare earths ahead of planned talks between Presidents Donald Trump and Xi Jinping.
Gold hovered near $4,000 an ounce after briefly retreating from record highs, while silver traded above $50, extending this year’s outsized gains.
Crude impact
Oil prices slipped Friday, extending the previous session’s 1.6% decline, as risk premiums faded following an agreement between Israel and Hamas on the first phase of a plan to end the Gaza conflict.
Brent crude futures fell 66 cents, or 1%, to $64.56 a barrel at 10:16 GMT, while U.S. West Texas Intermediate slid 61 cents, or 1%, to $60.90.
Rupee vs Dollar
The Indian rupee edged higher Friday, pulling back slightly from its record low after spending much of the week hovering near it, as steady central bank intervention prompted interbank dollar sales. The rupee settled at 88.6850 per U.S. dollar, up from 88.7825 in the previous session, marking a 0.1% weekly gain.
The dollar index, meanwhile, rose more than 1.5% for the week—its strongest showing since November 2024.
(With inputs from agencies)
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