Did Sensex and Nifty Close Higher for the Second Day? Pharma and Banking Stocks Lead the Rally

Synopsis
Key Takeaways
- Sensex closed at 82,501, up 329 points.
- Nifty settled at 25,285, gaining 104 points.
- Strong buying in pharma and banking stocks led the rally.
- Key support for Nifty is at 25,150.
- Optimism over trade deals bolsters market sentiment.
Mumbai, Oct 10 (NationPress) The Indian equity benchmark indices have recorded gains for the second consecutive session on Friday, driven by robust buying in pharma and banking stocks.
Additionally, increases in select auto and energy shares also contributed to a positive market sentiment.
The Sensex initially opened approximately 100 points lower at 82,075 due to declines in IT stocks. However, it quickly rebounded, reaching an intra-day peak of 82,654, which represented an increase of 579 points.
Ultimately, the index concluded 329 points, or 0.4 percent higher, at 82,501. The Nifty also hit a high of 25,331 during the day, closing 104 points, or 0.4 percent higher, at 25,285.
"The Nifty showed strength on Friday by breaking out of its recent consolidation range. The trend remains positive as it sustains above key moving averages,” analysts noted.
“The current setup appears favorable for further upward movement in the short term. Any dips could present lucrative opportunities for long trades,” they added.
“On the upside, the Nifty may target 25,500–25,550, while support is established at 25,150. A drop below 25,150 could slightly weaken the trend,” experts remarked.
Among the top gainers in the Sensex, SBI climbed over 2 percent, while Maruti Suzuki, Axis Bank, Adani Ports, and Power Grid saw increases of more than 1 percent each.
On the downside, Tata Steel decreased by 1.5 percent, and TCS fell about 1 percent, a day after releasing its Q2 results.
In the broader market, the BSE Midcap index rose by 0.4 percent, while the Smallcap index improved by 0.6 percent.
Sector-wise, the BSE Healthcare and Bankex indices each saw gains of up to 1 percent, while the auto and capital goods indices added roughly 0.5 percent.
Shares of textile companies surged by as much as 17 percent during the day, following reports that India and the UK may double their bilateral trade by 2030.
Analysts indicated that renewed optimism regarding a potential India–US trade agreement ahead of the November deadline, coupled with easing geopolitical tensions in the Middle East, bolstered investor confidence.
Domestically, improving macro indicators—backed by the RBI’s proactive measures to enhance credit flow and strong consumption trends driven by GST reforms during the early festive season—have further strengthened investor sentiment.