Dalal Street extended its winning streak for the third straight session on Friday, October 17, as festive optimism lifted the markets. Both benchmark indices gained around two percent for the week, supported by strong buying in FMCG and auto stocks, while weakness in IT and metals limited overall gains. The Nifty 50 closed above 25,700, touching a new 52-week high and moving within two percent of its all-time peak of 26,216.05 set in September 2024. Meanwhile, the Bank Nifty scaled a record 57,830.20, driven by blue-chip banking names.
At the close, the Sensex rose 484.53 points (0.58%) to 83,952.19, while the Nifty advanced 124.55 points (0.49%) to 25,709.85. Market breadth was negative, with 1,656 stocks gaining and 2,314 declining. FMCG, auto, and healthcare led sectoral gains, while IT, media, and metal stocks fell. Analysts noted that positive investor sentiment, steady fund inflows, and a stronger rupee are supporting the uptrend. Technically, Nifty’s breakout above 25,500 signals bullish momentum, with upside targets at 25,800 and 26,300, and key support around 25,000.
