Benchmark indices ended Friday on a positive note after a tumultuous week that saw three consecutive days of sell-offs.
The 30-share S&P BSE Sensex ended 218.14 points higher at 81,224.75, while the broader index JAN The Nifty 50 index closed 104.2 points higher at 24,854.05.
For the week, the benchmark indices reported losses of 0.44 per cent and 0.19 per cent respectively, driven mainly by disappointing corporate earnings and exit of foreign investors from the Indian market.
axle bench saw a notable 5.7 percent rise in its share price after beating quarterly profit expectations, contributing to a 2 percent rise in the private bank index, marking its best performance in more than three months. “Profits at private banks raised market morale, with expectations that upcoming earnings from HDFC Bank and ICICI Bank It will also be strong, following the trend set by Axis Bank,” said Saurabh Jain, assistant vice president of research at SMC Global Securities.
In contrast, the IT sector faced pressure as shares of infosys and LTIMindtree fell, causing the IT index to fall about 1.5 percent. Their results indicated that a broad recovery in global technology spending has yet to materialize.
A notable theme this week was the significant outflow of foreign funds from India, as investors redirected their attention to China. Foreign institutional investors have withdrawn $8.4 billion from the Indian market so far in October, setting the stage for the highest monthly outflows ever recorded. This follows a period in which assets in custody of foreign portfolio investors surpassed $1 trillion at the end of September.
Among individual stocks, gold lender Manappuram Finance faced a sharp decline, with its shares falling 13.6 per cent after the central bank banned one of its units from issuing new loans due to regulatory violations.
As the week concludes, the Indian market remains under pressure from external factors, with investors closely watching for signs of corporate earnings recovery and foreign investment trends.
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