Markets close first week of October on a strong note, with broad-based buying lifting benchmarks and midcaps; PSU banks, metals, and defence stocks outperform.
Benchmarks Post Weekly Gains Near 1%
Indian equity markets ended the first week of October on a positive note, with both major indices posting nearly 1% weekly gains.
- The Nifty 50 closed 58 points higher at 24,894, while the Sensex added 224 points to settle at 81,207.
- Both indices finished near the day’s high, reflecting solid intraday momentum.
- Analysts expect a mildly bullish trend next week, with Nifty trading between 24,750–25,100.
Sectoral Rally Led by Metals, Defence, PSU Banks
Broad-based buying lifted all sectoral indices into the green this week.
- Metals and PSU banks were standout performers, each rising 4% for the week.
- Defence stocks gained over 2%, supported by optimistic sentiment ahead of Air Force Day.
- The Nifty Bank index rose 241 points to 55,589, and the Nifty Midcap 100 surged 474 points to 57,503.
Key Gainers in Focus
Several heavyweight and midcap stocks posted strong gains:
- Tata Motors, Shriram Finance, and Kotak Mahindra Bank led the Nifty gainers.
- In metals, Hindalco, Tata Steel, and Nalco drove the rally.
- Hero MotoCorp climbed over 2% on positive sales data, while UPL jumped over 2% on deal news with PepsiCo.
In midcaps:
- MRPL, L&T Finance, Hindustan Zinc, Vodafone Idea, and Aditya Birla Capital were top gainers.
- Jewellery stocks like PN Gadgil and PC Jeweller surged up to 5% on festive demand optimism.
Notable Losers and Profit-Booking
Despite the bullish tone, a few stocks faced headwinds:
- Coal India slipped nearly 2% after its September production update.
- Union Bank dipped 1%, even as Indian Bank rose over 3% on strong Q2 commentary.
- Sammaan Capital declined 4%, ending a six-day winning streak on deal-related concerns.
- PB Fin Services gave up early gains after insurer commission cut reports.
Market Breadth Reflects Broad Participation
- The NSE advance-decline ratio stood at 2:1, reflecting strong market breadth.
- Broader markets, especially midcaps and smallcaps, continued to outperform large caps.
