Taking Stock: Market ends Samvat 2081 with gains; Sensex up 411 pts, Nifty at 25,850

Nifty Bank crossed 58,000 for the first time and touched fresh record high of 58,261.55. However, despite profit booking it manged to close above 58,000.

The market will remain shut on October 21 and 22 for regular trading activities, but NSE is conducting a one-hour special ‘Muhurat Trading’ session on the occasion of Diwali on October 21 between 1:45 pm and 2:45 pm.

"As we usher in Samvat 2082, optimism is gradually returning to Indian markets. The year gone by tested investor patience, with India lagging global peers despite strong domestic fundamentals. However, the stage now appears set for an earnings-led recovery. Growth momentum remains intact, supported by structural reforms, the rollout of GST 2.0, income tax relief, and an accommodative policy stance that is easing liquidity conditions," said Amisha Vora, Chairperson and Managing Director, PL Capital.

"India’s GDP is projected to expand by around 6.8% in FY26 — among the fastest globally — underscoring the country’s resilient growth narrative. Valuations are reasonable, earnings downgrades have largely bottomed out, and domestic inflows continue to demonstrate remarkable strength even as foreign investors remain cautious."

"This creates a favorable setup for Indian equities to outperform in the new Samvat. While global headwinds such as trade frictions and slowing growth persist, India stands out as a macro-stable, liquidity-rich, and policy-supported economy. The coming year offers investors an opportunity to participate in India’s next leg of compounding, driven by revival in corporate earnings and broad-based economic expansion," she added.

Also Read: Silver down 8% from record highs as easing trade tensions cap safe-haven demand

Reliance Industries, Shriram Finance, Bajaj Finserv, Cipla, Dr Reddy's Labs were among major gainers on the Nifty, while losers were ICICI Bank, Eternal, Adani Ports, JSW Steel, M&M.

On the sectoral front, PSU bank index up 3%, oil & gas, telecom up 1% each, while pharma, realty, metal, IT up 0.5% each.

Also Read: Diwali stock picks 2025: Motilal Oswal selects 10 stocks to buy at the onset of Samvat 2082

In stock-specific action, UTI Asset Management Company shares shed 4% on weak Q2 earnings, ICICI Bank shares slipped 3% post Q2 earnings, Reliance Industries jumped 3.5% as Q2 profit rises 14%, RBL Bank touched 52-week high on plan to sell majority stake to Emirates NBD, Federal Bank jumped 7% after Q2 results.

RPP Infra Projects shares gained nearly 2% on LoA of Rs 125.92 crore, Bank Of India share price added 5% as Q2 standalone profit jumps 7%, Dixon Technologies India shares down 3% despite Q2 profit up 71%, DCB Bank shares surged 13% post Q2 profit rises 18%, Ceat shares added 11% after Q2 profit jumps 52%, YoY.

Also Read: Record Rs 2.91 lakh cr mobilised through IPOs, QIPs in Samvat 2081

Nearly 200 stocks touched their 52-week high on the BSE, including Ceat, AU Small Finance Bank, RBL Bank, Federal Bank, Radico Khaitan, Punjab Nantional Bank, Indian Bank, TVS Holdings, Bajaj Finserv, SBI, Bharti Airtel, Aster DM, Cipla, Bajaj Finance, Apollo Hospitals, Hero MotoCorp, TVS Motor, HDFC Bank, among others. Click to View More

Outlook for October 23

Ajit Mishra – SVP, Research, Religare Broking

Markets began the week on an upbeat note and extended their upward momentum, largely supported by favorable domestic cues. The Nifty index opened firm with a gap-up and moved higher initially, followed by a range-bound phase till the end. It eventually settled at 25,843.15, up 0.52%. On the sectoral front, a mixed trend kept participants engaged, with IT, pharma, and banking leading the gains, while metal and auto traded on a muted note. The broader markets also displayed resilience, as both the midcap and smallcap indices advanced in the range of 0.4%–0.7%.

The market’s strength was underpinned by upbeat quarterly results from heavyweights such as Reliance, HDFC Bank, and ICICI Bank, along with expectations of sustained foreign inflows amid improving global risk sentiment. Additionally, the recent moderation in U.S. Treasury yields and a softer dollar further lifted investor confidence.

The continued buoyancy in the banking pack, coupled with rotational buying across other sectors, is driving the index higher with each passing session. As the Nifty approaches the 26,000 mark, some consolidation cannot be ruled out before a fresh breakout; however, the overall bias remains positive, with immediate support around 25,650 and major support near 25,450. We recommend maintaining a “buy on dips” approach, focusing on large-cap and quality midcap stocks that are showing consistent relative strength.

Rupak De, Senior Technical Analyst at LKP Securities

The market started with a gap-up and remained volatile throughout the day. On the higher end, Nifty touched a high of 25,926 before closing around 25,850. Though there was some profit-taking at higher levels, the overall sentiment is likely to remain strong, with the potential to reach 26,000–26,200 in the short term.

The technical setup remains positive as long as the index stays above 25,700, below which it may move back into consolidation.

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