Mumbai, Oct 17 Indian stock markets ended higher on Friday, extending gains for the third straight session ahead of Diwali.
Both Sensex and Nifty touched their 52-week highs during the day, supported by buying in financials, autos, and FMCG stocks.
At the close, the Sensex stood at 83,952.19, up 484.53 points or 0.58 per cent, while the Nifty ended at 25,709.85, up 124.55 points or 0.49 per cent.
“Technically, Nifty looks strong for further gains, and experts believe that a “buy on dips” strategy could work well in the near term,” analysts said.
“On the downside, strong support is seen at 25,500, while resistance is expected around 25,850 to 26,000 levels,” they added.
In the broader market, however, sentiment was mixed. The Nifty MidCap 100 index slipped 0.57 per cent, and the Nifty SmallCap 100 closed marginally lower by 0.05 per cent.
Among sectoral indices, Nifty FMCG was the top performer, rising 1.37 per cent. Other sectors such as Auto, Banking, Financial Services, Pharma, Realty, and Consumer Durables also ended in the green.
On the other hand, IT and Media stocks were among the top losers.
On the Sensex, major gainers included Asian Paints, Mahindra & Mahindra, Bharti Airtel, ITC, Hindustan Unilever, and ICICI Bank.
The market ended the week on a firm note as both Nifty and Bank Nifty broke past key psychological resistance levels.
Despite mixed global cues, domestic sentiment remained strong, driven by steady institutional inflows and broad-based buying interest.
Analysts said the sentiment around Nifty remains positive, as the index has moved above its four-month consolidation range.
Large-cap stocks outperformed mid- and small-cap counters, reflecting the early phase of a bull market where major companies typically lead the rally.
Gold extended its winning streak with strong gains of Rs 1,700 or 1.30 per cent, reaching Rs 1,31,500, as the ongoing US government shutdown and a dollar index below 99 continued to support safe-haven flows into bullion.
The sustained uncertainty in the US economy and delayed data releases have kept investors inclined toward gold as a defensive asset.
“With momentum staying firmly bullish, gold is likely to remain elevated as long as risk sentiment stays weak. Support is placed near Rs 1,28,000, while resistance is seen around Rs 1,33,000," analysts said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor