Mumbai, Oct 17 (NationPress) The Indian stock markets surged higher on Friday, marking the third consecutive day of gains as Diwali approaches.

Both the Sensex and Nifty achieved their 52-week highs today, bolstered by increased buying activity in financials, automobiles, and FMCG stocks.

At the closing bell, the Sensex was recorded at 83,952.19, reflecting a rise of 484.53 points or 0.58 percent, while the Nifty finished at 25,709.85, up by 124.55 points or 0.49 percent.

“In technical terms, the Nifty appears poised for additional gains, and analysts suggest that a ‘buy on dips’ approach could be effective in the near future,” experts noted.

“On the downside, significant support is anticipated at 25,500, with resistance expected between 25,850 and 26,000,” they added.

However, in the larger market context, sentiment was mixed. The Nifty MidCap 100 index fell by 0.57 percent, while the Nifty SmallCap 100 ended just slightly lower by 0.05 percent.

Among sectoral indices, Nifty FMCG emerged as the top performer, climbing 1.37 percent. Other sectors such as Automobile, Banking, Financial Services, Pharmaceutical, Real Estate, and Consumer Durables also finished in positive territory.

Conversely, IT and Media stocks were among the primary losers.

On the Sensex, notable gainers included Asian Paints, Mahindra & Mahindra, Bharti Airtel, ITC, Hindustan Unilever, and ICICI Bank.

The market concluded the week strongly, with both Nifty and Bank Nifty surpassing crucial psychological resistance levels.

Despite mixed international cues, domestic sentiment remained robust, primarily driven by steady institutional inflows and widespread buying interest.

Analysts indicated that the outlook for the Nifty remains optimistic, as it has moved beyond its four-month consolidation phase.

Large-cap stocks have outshined mid- and small-cap stocks, which is typically indicative of the early stages of a bull market where leading companies spearhead the rally.

Meanwhile, gold maintained its upward trajectory with significant gains of Rs 1,700 or 1.30 percent, reaching Rs 1,31,500. This surge was supported by the ongoing US government shutdown and a dollar index below 99, driving safe-haven investments into bullion.

The persistent uncertainty in the US economy and postponed data releases have kept investors leaning towards gold as a safer asset.

“With the bullish momentum firmly in place, gold is expected to remain elevated as long as risk sentiment remains weak. Support is noted around Rs 1,28,000, while resistance is identified near Rs 1,33,000,” analysts concluded.