Benchmark stock market indices closed higher on Friday, rebounding from early losses to close higher for the second straight session. The gains on markets were led by a rally in metal sector stocks.
The S&P BSE Sensex added 223.86 points to close at 81,207.17, while the NSE Nifty50 gained 57.95 points to end at 24,894.25.
Vinod Nair, Head of Research, Geojit Investments Limited, said that after a period of rangebound trading, the market closed on a positive note, supported by gains in metal and consumer durables stocks.
“Optimism over a potential Fed rate cut in October, a weakening dollar, and stable base metal prices drove the rally in metal indices. Consumption stocks are on a buzz led by reforms, a good monsoon and moderation in inflation upsizing demand as disposable income increases,” he added.
The top five gainers were Tata Steel rising 3.40%, Power Grid up 3.15%, Axis Bank advancing 2.16%, Kotak Mahindra Bank gaining 1.84%, and Larsen & Toubro climbing 1.69%.
Tech Mahindra slipped 1.11%, Maruti Suzuki fell 1.06%, UltraTech Cement dropped 0.85%, Sun Pharma was down 0.53%, and ICICI Bank declined 0.51%.
“Mid- and small-cap stocks outperformed as investors focused on stock-specific opportunities, anticipating stronger Q2FY26 earnings growth relative to large caps. Near-term market momentum is further supported by better-than-expected RBI policy and festival-season tailwinds,” said Nair.
Nifty Midcap100 gained 0.83% while Nifty Smallcap100 rose 0.69%, and India VIX dropped 2.21%.
Among the sectoral indices, most sectors showed positive momentum with Nifty Metal leading at 1.82%, followed by Nifty Consumer Durables at 1.09%, Nifty Oil & Gas at 0.82%, Nifty Private Bank at 0.65%, Nifty IT at 0.13%, Nifty FMCG at 0.12%, Nifty Financial Services at 0.07%, Nifty Media at 0.04%, Nifty Pharma at 0.11%, and Nifty PSU Bank at 0.12%.
On the losing side, only three sectors faced selling pressure with Nifty Healthcare declining 0.22%, Nifty Realty dropping 0.12%, and Nifty Auto slipping 0.06%.