Stock market today: Nifty 50, Sensex snap 3-day losing streak, banks, metals shine
Indian stocks showed a smart recovery in the second half of the trading session on Friday, October 18, rebounding from an initial weak start. This turnaround propelled the frontline indices to close on a positive note, breaking a three-day losing streak.
The Nifty 50 concluded the session with a gain of 0.42%, closing at 24,854. At one point, the index tumbled below the 24,600 level. However, a robust recovery in the banking and auto stocks helped the index finish in positive territory. Similarly, the Sensex ended the trading day with a gain of 0.27%, closing at 81,227.
In the broader market, the Nifty Midcap 100 index rose by 0.31%, closing at 58,649, while the Nifty Smallcap 100 index ended the session with a modest gain of 0.06%, finishing at 19,077.
Commenting on today’s market performance, Vinod Nair, Head of Research, Geojit Financial Services, said, “After the morning sell-off, the market bounced from the oversold level driven by selective buying in financials, auto, and metals stocks. The initial set of results from private banks were positive, building an expectation that the upcoming set of financial results on the weekends will also be optimistic.”
“The metals also performed well, benefiting from a slightly better-than-expected growth in China’s Q3 GDP. Consecutive rate cuts by the ECB supported rate-sensitive stocks,” he added.
