MUMBAI: The Indian equities closed the holiday-shortened week with a positive bias after recent corrections as investors' confidence was reinforced with the RBI's growth stance, analysts said on Saturday.
On Friday, Sensex ended the session at 81, 207.17, up 223.86 points or 0.28 per cent. Nifty closed at 24, 894.25, up 57.95 points or 0.23 per cent. The Nifty extended its pullback for the second straight session, crossing above its key 50-DMA at 24, 830 and forming a bullish candle on the daily chart. After last week’s steep decline, the index displayed signs of recovery by closing above the 24, 800 mark.
According to market watchers, upgrading the FY26 GDP growth forecast by the RBI to 6.8 per cent and announcing landmark reforms led to outperformance in the banking sector.
“Metals continued their upward momentum, supported by optimism over an anticipated Fed rate cut in October, a softer dollar index, and steady base metal prices, ” said Vinod Nair, Head of Research, Geojit Investments Ltd.
Meanwhile, gold extended its safe-haven appeal, while silver rose on the back of strong industrial demand and supply-side constraints.
Consumer-facing sectors gained momentum on expectations of festive demand, whereas IT and pharma lagged amid the lack of progress on the US-India trade pact, said analysts.
According to a note by Bajaj Broking Research, benchmark indices ended the truncated week on a positive note, posting gains of nearly 1 per cent.