Mumbai, Oct 11 (NationPress) Indian equity markets concluded the week positively, driven by substantial purchases in banking, IT, and pharma sectors during the last two trading sessions.

Investor confidence in banking stocks remained robust, strengthened by the RBI monetary committee's decision to maintain the repo rate at 5.5 percent. This optimism was further enhanced when the government sought private sector experts to take charge of the State Bank of India.

Simultaneously, pharma stocks gained traction toward the week's end following the US government's announcement that it would not impose tariffs on generic medications and indicated a reduction in biotech collaborations with certain foreign firms, particularly those based in China.

"The pharma sector surged as the US revived the Biosecure Act, aiming to minimize biotech relations with flagged foreign companies, especially from China, thus giving a significant boost to Indian Contract Development and Manufacturing Organizations (CDMOs). With the earnings season in full swing, investors are keenly monitoring quarterly results for insights into market trends," stated Vinod Nair, Head of Research at Geojit Investments Limited.

On Friday, Indian equity benchmark indices rose for the second consecutive session, supported by vigorous buying in pharma and banking stocks.

Despite initial weakness in IT stocks, the Sensex opened at 82,075, down approximately 100 points. However, it quickly rebounded, soaring 579 points to reach an intra-day high of 82,654.

Ultimately, the index closed at 82,501, marking a gain of 329 points or 0.4 percent. Similarly, the Nifty hit a high of 25,331 during the day, ending with a 104-point increase, or 0.4 percent, at 25,285.

"Investor sentiment was bolstered after the government's invitation for private sector professionals to lead the State Bank of India. This signals a significant policy shift toward encouraging private involvement in public enterprises to enhance efficiency and governance," Nair added.

The Nifty index exhibited substantial bullish momentum over the past week, climbing 391 points or 1.57 percent, while the Sensex surged over 1,000 points or 1.35 percent.

"On the weekly chart, the index has shown a cup and handle pattern, and a decisive breakout from this formation—backed by rising volumes—could indicate potential for further sustained growth," remarked Hardik Matalia of Choice Equity Broking.

The Bank Nifty (up 1.84 percent), Nifty IT (up 4.8 percent), and Nifty Pharma (up 2.12 percent) drove market momentum this week.