Mumbai, Oct 11: Indian equities ended the week on a positive note amid buying in banking, IT, and pharma stocks (in the last two sessions).

Investors’ sentiment remained firm toward banking stocks during the period, buoyed by the RBI monetary committee decision to keep the repo rate unchanged at 5.5 per cent, and it improved further after the government invited private sector professionals to lead the State Bank of India.

Meanwhile, pharma stocks picked up momentum at the end of the week after the US administration said that they do not plan to impose tariffs on generic drugs and signalled cutting biotech ties with flagged foreign firms, especially from China.

“Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.

On Friday, Indian equity benchmark indices ended higher for the second straight session, supported by strong buying in pharma and banking stocks.

Because of the weakness in IT stocks, the Sensex opened at 82,07,5 down about 100 points. But it quickly bounced back, rising 579 points to an intra-day high of 82,654.

At 82,501, the index ultimately closed 329 points higher, or 0.4 per cent higher. Likewise, the Nifty reached a peak of 25,331 during the day and ended the day 104 points, or 0.4 per cent, higher at 25,285.

“Investor sentiment improved after the government invited private sector professionals to lead the State Bank of India. This marks a broader policy shift towards allowing private participation in public sector enterprises, aimed at enhancing efficiency and governance,” Nair added.

The Nifty index displayed strong bullish momentum over the past week, advancing 391 points or 1.57 per cent, while Sensex rallied over 1,000 points or 1.35 per cent.

“On the weekly chart, the index has formed a cup and handle pattern, and a decisive break out of this formation, supported by increasing volumes, would signal the potential for further sustained upside,” said Hardik Matalia of Choice Equity Broking.

The Bank Nifty (up 1.84 per cent), Nifty IT (up 4.8 per cent) and Nifty Pharma (up 2.12 per cent) fueled the market momentum this week.

New Delhi, Oct 10: Indian stock markets opened on a flat note but soon moved higher on Friday, supported by positive global sentiment.

The easing of geopolitical tensions in the Middle East and signs of a possible trade deal between the US and India boosted investor confidence.

After the opening bell, the Sensex gained 148 points, or 0.18 per cent, to trade at 82,320 levels. The Nifty also rose 40 points, or 0.16 per cent, to 25,221 levels.

“Though yesterday’s push higher in the second half failed to clear the week’s high, it did serve to invalidate the bearish bias of the evening star candle stick pattern,” market experts said.

“This encourages us to look for 25460, in the days ahead. For the day, inability to push and float above 25215 or direct fall past 25113, could render the trend sideways, but may not call for a break of 24982 right away,” they added.

In the broader market, the Nifty Midcap 100 index inched up 0.18 per cent, while the Nifty Smallcap 100 advanced 0.28 per cent — indicating healthy participation from mid- and small-cap stocks.

Among the sectoral indices, Nifty Metal was the worst performer, slipping 1.4 per cent. It was followed by weakness in Auto, Pharma, and Healthcare stocks.

On the other hand, sectors such as Banking, Energy, FMCG, IT, Consumer Durables, Oil & Gas, and Realty were trading with gains.

In the Sensex pack, Power Grid, State Bank of India, NTPC, Adani Ports, and Asian Paints were among the top gainers.

Meanwhile, Tata Steel, TCS, Bajaj Finance, M&M, and HCL Tech were trading in the red.

“The overall market environment is turning positive. Globally, the GAZA peace accord signals end to the conflict and reduction of geopolitical risk from the region,” analysts said.

“Domestically, there are indications of a trade deal between US and India with India ‘rebalancing’ its oil purchases,” they added.

According to market analysts, these positive developments and the shift in FII strategy ( FIIs were buyers in the cash market in the last three trading days) bode well for the market.

Mumbai, Oct 9: Prime Minister Narendra Modi welcomed UK Prime Minister Keri Starmer at Raj Bhavan and held a meeting as part of the process to strengthen the strategic partnership between the two countries.

The Ministry of External Affairs shared photos of Prime Minister Narendra Modi meeting UK Prime Minister Keir Starmer.

“Together for stronger India-UK ties…,” posted Randhir Jaiswal, the MEA spokesperson, on X.

Earlier, Commerce and Industry Minister Piyush Goyal said his meeting with UK Prime Minister Keir Starmer here further deepened trade and economic partnership for mutual prosperity between the two nations.

Starmer arrived in India for a two-day visit on Wednesday, accompanied by the biggest-ever trade delegation from the country to India.

“Delighted to call on UK Prime Minister Keir Starmer. Discussed avenues to further deepen India-UK trade and economic partnership for mutual prosperity,” Goyal posted on X social media platform.

Goyal earlier met Peter Kyle, the UK’s Secretary of State for Business and Trade, with a view to moving forward with the operationalisation of the India-UK Comprehensive Economic and Trade Agreement (CETA) and doubling the bilateral trade by 2030.

“The meeting marked a significant step towards operationalising the India-UK CETA, with both Ministers agreeing to reposition the Joint Economic and Trade Committee (JETCO) to oversee its implementation and delivery,” according to the Commerce Ministry statement.

Both sides underlined their commitment to ensuring swift, coordinated, and results-oriented implementation of the Agreement, aimed at realising its full potential for businesses and consumers in both countries. The ministers reaffirmed their shared ambition to double bilateral trade by 2030, leveraging the complementarities between the two economies in areas such as advanced manufacturing, digital trade, clean energy, and services.

Emphasising the transformative scope of CETA, they discussed ways to maximise its benefits through regulatory cooperation, addressing non-tariff barriers, and promoting supply chain integration. The highly productive Commerce Secretary and Director General-level meeting set the tone for the Ministerial meeting, which laid a strong foundation for a full day of engaging and forward-looking discussions.