Markets Continue Uptrend on Rising Hopes of India-US Trade Deal
Sensex gains over 860 points, Nifty surpasses 25,600, driven by strong sectoral performance and renewed optimism on trade talks with the US.
Mumbai, Oct 17: Indian stock markets extended their gaining streak on Thursday, fueled by optimism over a potential India-US trade deal and strong sectoral performance. The Nifty surpassed the 25,600 mark during the session for the first time since June 27, while the Sensex closed at 83,467.66, up 862.23 points (1.04%), and the Nifty ended at 25,585.30, up 261.75 points (1.03%).
The BSE midcap and smallcap indices also recorded gains of 0.3% and 0.4%, respectively, reflecting broad-based market strength.
Among sectoral performers, the Nifty FMCG index led the rally, rising 2.02%, followed by Nifty Realty at 1.90% and Nifty Private Bank at 1.48%. Over 160 stocks on the BSE hit 52-week highs, including Asahi India, Nestle India, Paytm, HDFC AMC, PNB, TVS Motor, Bajaj Finance, SBI, Tata Communications, and M&M Financial. Nestle India shares surged 4.52% to a one-year high of Rs 1,276.
In corporate updates, Axis Bank shares rose over 2% after earnings, while HDFC Life fell 2%, and Angel One gained despite a drop in profit.
Investor sentiment was bolstered by strong foreign inflows. Foreign Institutional Investors (FIIs) bought equities worth Rs 68.64 crore, while Domestic Institutional Investors (DIIs) added Rs 4,650 crore, indicating robust institutional participation and improved liquidity. Over the past week, foreign investors pumped nearly Rs 3,000 crore into the Indian cash market, marking the first positive weekly inflow in several weeks.
Market analysts cited renewed hopes of an India-US trade deal as a key factor driving the rally. Domestic investors also welcomed modest Q2 earnings, which largely met expectations without any major negative surprises.
