Mumbai, October 11 (IANS). The Indian stock market ended the week on a positive note amid strong buying in banking, IT and pharma stocks in the last two sessions.
During this period, investor sentiment remained strong towards banking stocks with the decision by the RBI MPC to keep the repo rate stable at 5.5 percent.
Moreover, it further improved after the government invited private sector professionals to lead SBI.
Pharma stocks gained momentum as the US Senate revived the Biosecure Act.
Vinod Nair, Head of Research, Geojit Investments Ltd, said, Indian Contract Development and Manufacturing Organizations (CDMOs) got a strong boost with the US reviving the Biosecure Act. Additionally, as earnings season begins, investors are keeping a close eye on quarterly results for signals about market direction.”
On Friday, the last trading day, Indian stock markets closed on the green mark due to strong buying in pharma and banking shares.
Sensex opened at 82,075 in morning trade. Soon the index rose 579 points to an intra-day high of 82,654. At the end of trading, the Sensex closed at 82,500 with a gain of 328 points or 0.4 percent.
Similarly, Nifty hit an all-time high of 25,330.75 during the day and ended the day at 25,285.35 with a gain of 103.55 points or 0.4 per cent.
The Nifty index showed a strong bullish trend last week, rising 391 points or 1.57 per cent, while the Sensex rose over 1,000 points or 1.35 per cent.
“The index has formed a cup and handle pattern on the weekly chart and a decisive break out of this pattern with the support of rising volumes would indicate the possibility of continued bullishness ahead,” said Hardik Matalia of Choice Equity Broking.
This week, Nifty IT played an important role in increasing the market momentum with a gain of 4.89 percent, Nifty Pharma by 2.12 percent and Nifty Bank by 1.84 percent.
–IANS
SKT/