Mumbai, October 4 (IANS). Market experts said on Saturday that the Indian stock market concluded last week with a clear trend as RBI’s development attitude strengthened the trust of investors.
The Sensex rose by 223.86 points or 0.28 percent to close at 81,207.17 on Friday. At the same time, the Nifty closed at 24,894.25 with a gain of 57.95 points or 0.23 percent.
The Nifty crossed its major 50-day moving average 24,830 levels and made a bullish candle form on a daily chart. After a decline of last week, the index closed above 24,800 level and indicated recovery.
According to the market monitoring, the banking sector performed better in the banking sector with RBI to increase the estimate of GDP growth for FY 26 to 6.8 percent and the announcement of historical reforms.
Vinod Nair, Research Head of Geojit Investments Limited, said, “Metal stocks continued to rise due to the possible cuts in interest rates by Fed in October, softening of dollar index and optimism about stable prices of base metal.”
Meanwhile, gold increased its safe investment appeal, while silver rose due to strong industrial demand and supply-side barriers.
According to analysts, consumer-centered areas accelerated due to expectations of festive demand, while IT and Pharma sector declined due to lack of progress on the US-India trade agreement.
According to a note of Bajaj Broking Research, the benchmark indices took an end of a small week with a positive attitude, registering a gain of about 1 percent.
PSU bank stocks also made a major contribution, in which the Nifty PSU Bank Index registered a gain of 4.43 percent last week.
In the last trading session, Metal, PSU bank and consumer durables gained 1-2 percent in each.
The Nifty Bank has been showing remarkable strength from the last 3-4 sessions. Creating a bullish candle with higher high and higher low in the Daily Chart indicates the ongoing positive speed due to strength in largecap banking stocks.
Analysts say the market speed forward is expected to support from the strong income of the second half of FY2 26 and a favorable stance of seasonal demand, although global trade developments and American policy moves can cause short -term volatility.
He said that with the recent 25-BPS interest rate cut by Fed and the possibilities of softening further, there is a possibility of promoting FII flow in emerging markets.
-IANS
SKT/