Market Wrap Oct 10: SENSEX rises 329 pts, NIFTY50 ends at 25,285 as rally continues for 2nd day; Cipla, SBI top gainers

The Indian stock market extended its rally for the second consecutive day on Friday, October 10, led by gains in pharma and PSU bank stocks. Investor sentiment was further lifted by sustained foreign fund inflows.

With Friday’s close, benchmark indices logged their second straight week of gains, with the SENSEX and NIFTY50 up 1.6% each. Broader markets outperformed as the Nifty Midcap 100 rallied 2.1% and the Nifty Smallcap 100 surged 1.4%, while the Nifty Bank advanced 1.8% for the week.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) purchased shares worth ₹1,308.16 crore, while the domestic institutional investors (DIIs) bought equities worth ₹864.36 crore on a net basis.

Globally, Asian indices mostly closed lower on Friday, following declines in US stocks, while commodity markets paused to catch their breath after a recent rally.

Japan's Nikkei was down 0.88%, the Shanghai Composite tumbled 0.95%, and Hong Kong's Hang Seng slid 1.76%. However, South Korea's KOSPI closed 1.7% higher.

On Wall Street, US indices closed lower on Thursday as investors, with no major economic data or sentiment-driving catalysts, opted to consolidate ahead of the third-quarter earnings season.

The Dow fell 0.52%, the S&P 500 slipped 0.28%, and the Nasdaq edged down 0.08%.

As many as 3,151 stocks traded on the NSE on Friday. Out of this, 1,895 advanced and 1,165 stocks declined, while 91 scrips remained unchanged.

This indicated that the market breadth was in favour of advances.

A total of 77 stocks hit their 52-week highs, while 59 stocks touched their one-year lows. Besides, 91 stocks hit their upper circuit limits, and 44 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹459.62 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 10.10 levels, rising 0.17%.

The Nifty Midcap 100 index gained 0.46%, ending at 58,697.40, driven by rallies in Tata Communications (9.45%), YES Bank (7.14%), and Blue Star (2.94%).

Meanwhile, the Nifty Smallcap 100 index rose 0.74% to close at 18,133.35, led by strong gains in Reliance Power (8.48%), Redington (7.09%), and PG Electroplast (5.85%).

Except for Nifty Metal (-0.91%) and Nifty IT (-0.05%), all other sectoral indices ended in the green. Nifty Realty and Nifty PSU Bank led the gains, rising 1.67% each, followed by Nifty Pharma (1.29%), Nifty Consumer Durables (0.88%), and Nifty Auto (0.50%). Nifty Oil & Gas, however, closed flat.

On the NIFTY50 index, 35 stocks advanced while 15 declined on Friday.

Cipla was the most contributing stock, surging 3.63%, followed by State Bank of India (2.22%), Maruti Suzuki (1.88%), Bajaj Auto (1.51%) and Dr Reddy’s (1.44%).

On the flip side, Tata Steel (-1.46%), Tata Consultancy Services (-1.10%), HDFC Life Insurance (-0.74%), JSW Steel (-0.63%) and Titan Company (-0.61%) were the biggest laggards on the 50-share index.