Amid strong support from financial heavyweights, the Indian stock market remained higher for the second consecutive session on Friday, October 10. A late recovery in tech stocks also supported the front-line indices, pushing the Nifty 50 up 0.41% to close at the 23,285 level, while the S&P BSE Sensex ended 0.40% higher at 82,500 points.
For the week, both indices recorded gains of over 1.5%, marking their biggest weekly rise in three months. The broader markets also performed well, with the Nifty Midcap 100 and Nifty Smallcap 100 indices closing 0.46% and 0.68% higher, respectively. Both indices posted strong weekly gains of up to 2%.
Among sectors, the Nifty PSU Bank index led the gains with a 1.67% surge, followed by Nifty Realty and Nifty Pharma, which rose 1.67% and 1.29%, respectively. The Nifty Auto index also extended its rally, advancing 0.50%, while the Nifty FMCG index edged up 0.47%.
On the downside, the Nifty Metal index was the top laggard, slipping 0.91%, followed by Nifty IT, which recorded a minor decline of 0.05%.
Meanwhile, TCS, the country’s leading IT services company reported its September-quarter numbers in line with Street estimates, supported by strong performance in its banking, financial services, and insurance (BFSI) segment.
Tata Communications emerges as top gainer
Tata Communications led the pack of gainers, with the stock rising 9.5% to ₹1,857 apiece, driven by TCS’s plans to become the world’s largest AI-led technology services company.
TCS plans to establish multiple AI and sovereign data centres across India through a wholly owned subsidiary to provide infrastructure and technology-enabled services. The facilities will have a combined capacity of 1 GW, which the company aims to achieve over the next five to seven years by adding about 150 MW annually.
Reliance Power also closed with a 9.3% surge at ₹48.58 apiece, supported by a sharp increase in trading volumes. Snapping its four-day losing streak, Redington shares rebounded with an 8% rise to ₹290 apiece.
Another Anil Ambani Group company, Reliance Infrastructure, ended 5% higher at ₹241.8 apiece. Meanwhile, PSU banking stocks also attracted buying interest, with Jammu & Kashmir Bank and UCO Bank gaining up to 4.4%.
Meanwhile, YES Bank extended its winning run, advancing another 7.1% to ₹24 apiece. During the intraday session, the stock touched a fresh one-year high of ₹24.30. For the week, it closed nearly 10% higher — its biggest weekly gain since May.
Other stocks such as Dr. Agarwal’s Health Care, PG Electroplast, Divi’s Laboratories, Asahi India Glass, Natco Pharma, LT Foods, Neuland Laboratories, Valor Estate, Blue Jet Healthcare, Bandhan Bank, Sagility, and Force Motors gained over 3%.
Elecon Engineering leads losers; profit booking hits metal and gold finance stocks
With continued selling pressure, Elecon Engineering shares dropped another 8% to ₹556.85 apiece, emerging as the top laggard among Nifty 500 stocks. Profit booking in Hindustan Copper and Ather Energy also dragged both stocks lower by 5.4% and 4.7%, respectively.
Graphite India and Gujarat Mineral Development Corporation (GMDC) came under pressure as well, slipping over 4% each after a strong rally in recent sessions, prompting investors to book profits.
Meanwhile, a decline in gold prices pulled Manappuram Finance down 3.2% to ₹284 apiece. Metal stocks such as SIAL, NMDC Steel, Hindustan Zinc, Jindal Steel, NALCO, and NMDC also ended lower, posting losses between 2% and 3%.
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