Festive cheer lifts markets as Sensex, Nifty extend winning streak

Mumbai, Oct 20 (IANS) Indian stock markets continued their upward momentum on Monday, with benchmark indices closing higher for the fourth straight session, supported by gains in banking, IT, and oil and gas stocks.

The Sensex ended 411.18 points, or 0.49 per cent, higher at 84,363.37, while the Nifty advanced 133.30 points, or 0.52 per cent, to close at 25,843.15.

“From a technical standpoint, Nifty’s breakout above 25,660 has now been sustained for the second consecutive session, turning that zone into a strong support base,” analysts said.

“The next resistance zone is seen around 26,000–26,300, where some profit-taking could emerge. As long as the index holds above 25,750, the bullish momentum is expected to continue,” they added.

“On the downside, 25,600 remains the Support zone, while a break below 25,500 could trigger mild consolidation toward 25,200,” market experts stated.

For Samvat 2081, which ends today, both indices delivered single-digit gains, with the Sensex and Nifty rising a little over 6 per cent during the year.

On the BSE, Bajaj Finserv, and Axis Bank were among the top gainers, while ICICI Bank, Mahindra & Mahindra, and Eternal were the major laggards.

On the NSE, Cipla, Bajaj Finserv, led the gains, whereas ICICI Bank, Mahindra & Mahindra, and JSW Steel ended lower.

Broader markets also closed in the green. The Nifty Midcap 100 index rose 0.75 per cent, and the Nifty SmallCap 100 index added 0.46 per cent.

Among sectoral indices, Nifty PSU Bank emerged as the top performer with a sharp gain of 2.87 per cent, driven by strong buying in public sector banks.

On the other hand, Nifty Auto was the only major index to end in the red, slipping 0.16 per cent.

Analysts said that investor sentiment remained upbeat, with positive earnings reports and festive optimism continuing to support the market’s upward trend.

"The Indian market extended its positive momentum, driven by better-than-expected Q2 results from major companies and festival optimism. Positive global cues further bolstered investor sentiment, with easing trade narratives between the US-China and rise in European market led by defence stocks," experts noted.

"Additionally, improved FII inflows in the cash market turned the domestic market into a net buyer in October," they added.

--IANS

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