Mumbai, Oct 18: The Indian equity benchmarks ended the week decisively higher amid short covering from foreign institutional investor (FII) participants and resilient domestic cues.

Market optimism was bolstered by clarity in the India–US trade relations, with both sides tentatively agreeing to conclude the first phase of the deal by November.

The sentiment remained upbeat as Bank Nifty achieved a new milestone, driven by robust buying interest in leading banking stocks. Investor confidence was buoyed by easing concerns around asset quality in the financial sector and expectations of improved volume growth in the festive quarter.

Benchmark indices Nifty and Sensex rose 2.10 and 2.04 per cent during the week, with FMCG, pharma, and auto indices being the major contributors to the rally.

Analysts said that consumption-driven sectors also saw a surge along with a broad-based recovery across realty, healthcare, and banking.

IT stocks remained under pressure due to global discretionary spending concerns and mounting asset quality stress in the US banking system.

Profit booking was also seen in media, and metal stocks, which capped the overall upside of the indices.

The broader market, however, took a breather after a strong run-up, with Nifty Midcap 100 slipping 0.57 per cent and Nifty Small-cap 100 marginally down by 0.05 per cent, indicating selective profit taking by investors.

“Nifty on the weekly chart has formed a sizable bull candle with a higher high and higher low, signalling continuation of the up move. The index broke out above a three-month symmetrical triangle consolidation pattern, indicating a positive bias,” analysts from Bajaj Broking Research said.

They expect the index to head towards 25,900 and then towards 26,200 levels in the coming weeks.

In the holiday-led truncated Diwali week, investors are likely to remain cautious in view of the release of key economic data, such as US inflation, employment, and India’s PMI figures.

Investors are also keen on the cues from the ongoing earnings season and policy signals from major global central banks.

Navi Mumbai: The Navi Mumbai Municipal Corporation (NMMC) has appealed to all advertisers, businesses, and citizens to secure mandatory permissions before displaying any form of advertisement within city limits, in accordance with the Maharashtra Municipal Corporations (Regulation and Control of Display of Sky-Signs and Advertisements) Rules, 2022.

As per the Urban Development Department’s notification dated May 9, 2022, the rules are applicable to all municipal corporations in Maharashtra except the Brihanmumbai Municipal Corporation (BMC). Under Sections 244 and 245 of the Maharashtra Municipal Corporations Act, no advertisement can be displayed without prior written permission from the Municipal Commissioner.

The term “advertisement” covers all forms of displays visible from public roads, including hoardings, banners, name boards, neon and glow signs, LED and digital screens, video or laser displays, and other illuminated publicity material.

To ensure compliance, NMMC has appointed M/s Ornate Technologies Pvt. Ltd. to conduct a citywide survey of all advertisement hoardings and signage. The agency will use a mobile application to gather data, contact advertisers through a call centre for guidance, and issue notices to those operating without valid permissions.

NMMC officials have urged citizens and advertisers to extend full cooperation to representatives of Ornate Technologies during the survey. “Our goal is to ensure transparency, safety, and orderly display of advertisements across Navi Mumbai,” said a senior civic official.

“We request all advertisers to regularize their displays by applying for permissions online to avoid penalties and ensure compliance.”

The civic body has directed advertisers to apply through its official website https://app.nmmconline.in, submit the required documents, and pay the prescribed advertisement fees to obtain valid permits before putting up any form of advertisement.

Mumbai, Oct 17: Indian stock markets opened lower on Friday as investors reacted to the second-quarter (Q2) earnings of major companies, including Infosys, Wipro, and Eternal.

Weak cues from Asian markets and renewed US-China tensions also weighed on investor sentiment.

At the same time, gold prices hit a record high, adding to the cautious mood in the market. However, a sharp drop in crude oil prices — with Brent crude falling to around $60 per barrel — may help limit losses for Indian equities.

At 9:20 AM, the Sensex was trading at 83,365, down 103 points or 0.12 per cent, while the Nifty slipped 33 points or 0.13 per cent to 25,552.

“The Nifty managed to hold its gains and ended near the day’s high, closing above the 25,550 mark with a strong bullish candle. This positive momentum suggests continued strength in the near term,” analysts said.

“On the downside, immediate support is placed at 25,500, followed by 25,400, while on the upside, resistance is seen at 25,700 and 25,800 levels,” market experts added.

Eternal, HCL Tech, Infosys, Tech Mahindra, Power Grid, Kotak Mahindra Bank, Trent, Tata Steel, Ultratech Cement, and ICICI Bank were among the major losers, declining up to 3.5 per cent.

On the other hand, gains in Asian Paints, Tata Motors, ITC, Bharti Airtel, Mahindra & Mahindra, and Maruti Suzuki helped trim some of the losses. These stocks rose between 0.3 per cent and 3 per cent.

In the broader market, the Nifty MidCap index slipped 0.28 per cent, while the Nifty SmallCap index edged up 0.10 per cent.

Among sectoral indices, IT was the biggest drag, with the Nifty IT index down 1.13 per cent. The Nifty Pharma and PSU Bank indices also declined by 0.3 per cent each.

“The market is resilient and technically strong. Price action in the leading stocks indicate short covering. Even now there is big shorts in the system and the strength in the market might keep the bears on the back foot, facilitating further short covering,” market experts said.