Diwali Spark in Stock Market! Sensex and Nifty Hit 52-Week High Ahead of Festive Season
Mumbai (The Uttam Hindu): The Indian stock market witnessed a pre-Diwali boom on Friday as both benchmark indices Sensex and Nifty closed at their 52-week highs. At the end of the trading session, the Sensex jumped 484.53 points (0.58%) to close at 83,952.19, while the Nifty climbed 124.55 points (0.49%) to settle at 25,709.85. The Bank Nifty also touched an all-time high, marking a strong festive rally across major indices.
During intraday trade, the Sensex hit 84,099.53 and the Nifty touched 25,781.50, both marking their 52-week peaks. The rally was largely driven by FMCG stocks, with the Nifty FMCG Index closing 1.37% higher. Other sectoral gainers included Nifty Auto (0.66%), Nifty Financial Services (0.57%), Nifty Private Bank (0.37%), and Nifty Infra (0.36%). However, Nifty IT (-1.63%), Nifty PSU Bank (-0.65%), Nifty Metal (-0.85%), and Nifty Energy (-0.21%) ended in the red.
In the Sensex pack, Asian Paints, M&M, Bharti Airtel, ITC, HUL, ICICI Bank, Sun Pharma, HDFC Bank, Titan, Maruti Suzuki, Trent, Bajaj Finance, Axis Bank, and BEL were among the top gainers. On the other hand, Infosys, HCL Tech, Zomato, Tech Mahindra, Tata Steel, Power Grid, and L&T emerged as top losers.
While large-cap stocks gained momentum, the midcap and smallcap segments saw minor declines. The Nifty Midcap 100 index slipped 338.90 points (0.57%) to 58,902.25, while the Nifty Smallcap index fell 9.45 points (0.05%) to 18,122.40.
According to market experts, the sustained rally and new 52-week highs were fueled by consumer-focused stocks and optimism around improving asset quality in banks. Analysts said the upbeat domestic outlook contrasts with global uncertainties like trade tensions and slowing economic data, prompting investors to turn towards gold, which has reached a new all-time high.
The market opened in green, with early trade momentum continuing throughout the day. Around 9:46 AM, the Sensex was up 100.42 points (0.12%) at 83,568.08, while the Nifty rose 19.95 points (0.08%) to 25,605.25.