The markets ended higher on Friday, October 30, as buying in information technology and pharmaceutical shares lifted benchmark indices. The BSE Sensex advanced 308.49 points, or 0.42%, to close at 74,459.53, while the NSE Nifty 50 gained 116.35 points, or 0.51%, to settle at 23,053.10. The Nifty reclaimed the important 23,000 mark, extending the market’s recovery for a second consecutive session.
However, the gains in benchmark indices did not reflect the broader market mood. Midcap and smallcap stocks came under significant selling pressure, indicating that investors remained cautious and preferred select large-cap shares.
The market opened on a cautious note as investors tracked global developments, rising crude oil prices and geopolitical tensions involving the United States and Iran. Brent crude remained above $117 per barrel during the morning session, raising concerns about India’s import bill, inflation and the pressure on the rupee.
Despite these concerns, buying in heavyweight technology and pharmaceutical stocks helped the Sensex and Nifty move higher during the session. The Nifty crossed the 23,100 level in intraday trade before surrendering some gains towards the close.
Trent was the top gainer on the Nifty 50, rising 5.44% to ₹3,017.30. InterGlobe Aviation, the parent company of IndiGo, gained around 4%, while HCL Technologies, Infosys and Sun Pharmaceutical Industries also featured among the leading gainers. Strong buying in these stocks provided support to the benchmark indices.
On the losing side, Shriram Finance fell 2.13% to ₹823.15, emerging as the biggest laggard on the Nifty 50. Adani Ports, Adani Enterprises, Mahindra & Mahindra and Coal India were among the other major losers. The decline in these shares limited the overall market gains.
Sectoral performance remained mixed. The Nifty IT index was the strongest performer, climbing 2.32%, while the Nifty Pharma index advanced around 1.8%. Healthcare stocks also attracted buying interest. The gains in technology and pharmaceutical shares helped the benchmark indices remain in positive territory despite weakness in other sectors.
In contrast, the Nifty Bank index declined 0.41%. Consumer durables, PSU banks, energy and media stocks also faced selling pressure. Auto, FMCG, metal and realty shares ended lower, reflecting the cautious approach adopted by investors.
The broader market remained under pressure throughout the session. The Nifty Midcap index declined around 0.8%, while the Nifty Smallcap index dropped approximately 1.8%. Market breadth was weak, with more stocks declining than advancing. Nearly 250 stocks touched their 52-week lows during the session, including Suzlon Energy, Inox Wind, Dalmia Bharat, Godrej Consumer Products and Vishal Mega Mart.
At the same time, more than 80 stocks reached their 52-week highs. Laurus Labs, Ather Energy, Zydus Lifesciences, Coforge and Eternal were among the companies that touched fresh highs. The contrasting performance highlighted the difference between the strength in selected large-cap shares and the weakness across a wider section of the market.
Company-specific developments and quarterly earnings also influenced individual stocks. Vedanta Oil and Gas shares gained around 7% following its results, while Borosil surged 20% after reporting strong earnings. IndiGo shares advanced as its quarterly loss narrowed. In contrast, Suzlon Energy fell around 8% after reporting a sharp decline in quarterly profit.
The Indian rupee also recovered against the US dollar, ending at ₹94.95 after losing ground in the previous two sessions. It had closed at ₹95.25 in the previous trading session. The recovery provided some relief, although currency movements and elevated crude oil prices remain important concerns for the market.
For the week, both benchmark indices gained nearly 2%, supported by the recovery in large-cap stocks. The Sensex and Nifty also ended October in positive territory, snapping a two-month losing streak. The Sensex gained around 2.7% during the month, while the Nifty advanced approximately 1.9%.
The information technology sector played a major role in the monthly recovery. The Nifty IT index surged 17.7% in October, recording its strongest monthly performance in more than six years. Interest in artificial intelligence-related opportunities and relatively attractive valuations supported buying in technology stocks.
Corporate earnings also helped improve investor sentiment. Several companies reported resilient September-quarter results, encouraging selective buying. However, concerns over expensive crude oil, geopolitical uncertainty and foreign investor activity continue to influence market direction.
Looking ahead, investors will track developments in the US-Iran situation, crude oil prices, foreign institutional investor flows and upcoming corporate earnings. The recovery in the Sensex and Nifty has offered some relief, but continued weakness in midcap and smallcap shares suggests that market sentiment remains uneven. The sustainability of the rally will depend on global cues and whether buying spreads beyond a handful of heavyweight stocks.