Sensex, Nifty Hit Fresh 52-Week Highs Ahead Of Diwali, Bullish Momentum Builds In Large-Cap Stocks

Mumbai: The Indian stock market saw strong gains on Friday as both Sensex and Nifty hit their 52-week highs, supported by continued buying in major sectors. This was the third straight day of gains for the markets, bringing a festive mood ahead of Diwali.

The Sensex closed at 83,952.19, gaining 484.53 points or 0.58 percent, while the Nifty ended at 25,709.85, up 124.55 points or 0.49 percent.

Key Sector Moves and Market Leaders

The rally was led by FMCG, Auto, Financials, and Banking stocks, with Nifty FMCG emerging as the top performer, gaining 1.37 percent. Other sectors like Pharma, Realty, and Consumer Durables also closed in the green.

Top gainers on the Sensex included Asian Paints, Mahindra & Mahindra, ITC, Bharti Airtel, Hindustan Unilever, and ICICI Bank.

On the flip side, IT and Media stocks saw mild selling pressure and ended lower.

Market Outlook and Expert Views

Analysts believe the Nifty is looking technically strong and may rise further. A 'buy on dips' strategy is being recommended in the near term. Support for Nifty is seen at 25,500, while resistance may appear near 25,850 to 26,000 levels.

Despite mixed global cues, local sentiment stayed firm due to consistent institutional buying and broad-based participation. Experts pointed out that large-cap stocks are now leading the rally, a common pattern in the early stages of a bull market.

Gold Continues to Shine

Gold prices also saw strong gains, rising by Rs 1,700 or 1.30 percent to hit Rs 1,31,500 per 10 grams. The rally was supported by a weak US dollar, concerns over a US government shutdown, and safe-haven demand.

Analysts expect gold to stay strong as long as global risk sentiment remains weak, with key support at Rs 1,28,000 and resistance near Rs 1,33,000.