Benchmark indices opened strong on Friday, continuing the upward momentum from the previous trading session. The Nifty 50 commenced at 25,167.65, slightly lower than its prior close of 25,181.80, but later rose to 25,259.70, an increase of 77.90 points or 0.31%, by 10:07 am. Similarly, the Sensex opened at 82,075.45, down from 82,172.10, and climbed to 82,425.16, up by 253.06 points or 0.31%. This rally was fueled by renewed investor confidence stemming from progress in trade negotiations between India and the United States, along with continued buying from both foreign and domestic institutional investors.
According to Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, recent discussions between Prime Minister Narendra Modi and U.S. President Donald Trump reaffirmed a commitment to advancing the India-U.S. trade agreement. Commerce and Industry Minister Piyush Goyal also expressed optimism about achieving a trade deal by November following steady progress in bilateral talks.
Investor enthusiasm was underpinned by Foreign Institutional Investors (FIIs), who turned net buyers, purchasing ₹1,308.16 crore on October 9. Domestic Institutional Investors (DIIs) maintained their buying streak with net purchases of ₹864.36 crore. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that FIIs had been consistent buyers in the cash market over the last three trading days.
The second-quarter earnings season started with Tata Consultancy Services (TCS) reporting results that largely met expectations. The company announced a 1.4% rise in net profit to ₹12,075 crore and a revenue growth of 3.7%, achieving a total contract value of $10 billion. Ponmudi R, CEO of Enrich Money, indicated that TCS is positioning itself as a leader in the global AI race by establishing multiple AI and sovereign data centers.
Banking stocks led the market rally, with the State Bank of India emerging as the highest gainer on the Nifty, up 1.75% at ₹877.20. Axis Bank increased by 1.18% to ₹1,181.20, while Power Grid Corporation rose 1.42% to ₹290.20. Adani Ports experienced a 1.32% gain, reaching ₹1,414.00, and ONGC climbed 1.19% to ₹246.29.
Conversely, metal stocks saw declines, with Tata Steel down 1.54% to ₹173.70, JSW Steel slipping 1.25% to ₹1,160.50, and Hindalco down by 1.16% to ₹765.15. Eicher Motors decreased by 0.93% to ₹342.30, and Max Healthcare shed 0.74% to ₹1,147.30.
Ponmudi R commented on the technical analysis of the market, stating that the Nifty 50 decisively surpassed the three-day resistance at 25,220, signaling bullish momentum. Immediate resistance levels are noted at 25,300 to 25,400, while any corrections toward 25,170 to 25,100 may attract fresh buying interest.
The Bank Nifty displayed strength, with support anticipated in the 55,900 to 55,800 range and resistance near 56,500 to 56,600, suggesting it provided crucial support to the broader uptrend.
Global sentiment also played a role in market movements, as Dr. Vijayakumar highlighted that the GAZA peace accord could reduce geopolitical risks. Additionally, indications of a trade deal between the U.S. and India, as the country rebalances its oil purchases, further supported investor confidence.
The primary market remained robust, highlighted by the oversubscription of the ₹11,607 crore LG Electronics IPO by 54 times. Dr. Vijayakumar noted that refunds from this and other IPOs are expected to increase market liquidity, potentially driving further upward momentum.
In commodities, crude oil futures saw slight declines. October crude oil futures were trading at ₹5,471 on the Multi Commodity Exchange, up 0.16% from the previous close of ₹5,462. December Brent crude oil futures stood at $65.16, down 0.09%.
Published on October 10, 2025.
