The Indian stock market benchmark indices, the Sensex and Nifty 50, extended rally on Friday, October 30, the final trading session of the month, led by gains in IT, pharma and healthcare stocks.
This comes despite weak global cues, rising crude oil prices and renewed concerns over geopolitical tensions between the US and Iran.
The BSE Sensex jumped over 500 points to trade near 74,700 level, while the NSE Nifty 50 surpassed 23,100 level.
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The broader markets, bucking the trend, slipped in trade. The Nifty Smallcap 100 index declined 1.2% and the Nifty Midcap 100 index dropped 0.55%.
Among sectors, Nifty IT was the top gainer, surging more than 2%, followed by Nifty Pharma, Nifty Healthcare and Nifty Private Bank indices. In contrast, selling was seen in Nifty FMCG, Nifty Metals, Nifty Realty and Nifty Oil & Gas.
Investors are also reacting to the September quarter earnings, with as many as 213 companies scheduled to announce their Q2 FY27 results on Friday.
Technical View
Nifty 50 surpassed the hurdle of 23,000, which was a crucial level hurdle for the ongoing recovery.
“A decisive breakout above 23,000, followed by sustained buying, could extend the upward momentum towards the 23,200 zone, which also coincides with the 50-day EMA and is likely to act as the next key resistance,” said Ponmudi R, CEO of Enrich Money.
On the downside, 22,800 remains the immediate support zone. A sustained hold above this level could help preserve the positive momentum, while a breakdown may trigger renewed selling pressure.
Q2 Results Today
Reliance Industries, Jio Platforms, Sun Pharmaceutical Industries, Bharat Electronics, Indian Oil Corporation, Varun Beverages, Bank of Baroda, GAIL India, Dixon Technologies, PB Fintech, Delhivery, Max Healthcare Institute and NTPC Green Energy are among the prominent companies scheduled to report their earnings.
Other companies declaring results include Lodha Developers, Aditya Birla Capital, Phoenix Mills, Ajanta Pharma, Navin Fluorine International, LIC Housing Finance, Sun TV Network, Indraprastha Gas, Aarti Industries, Engineers India, Welspun Living, SJVN, Zee Entertainment Enterprises and Quess Corp.
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