Indian equity benchmarks scaled unprecedented intraday peaks on Friday before mild late-session profit booking pared gains, capping a third consecutive week of advances on Dalal Street. The 30-share Bombay Stock Exchange (BSE) Sensex climbed to an all-time intraday high of 85,978.25—less than 22 points shy of the psychological 86,000 mark—before settling at 85,571.85. Simultaneously, the broader 50-share National Stock Exchange (NSE) Nifty 50 surged to a lifetime peak of 26,277.35 before closing at 26,178.95.
Across the five-day trading week, both headline indices registered gains of approximately 1.2 percent, extending a sustained post-monsoon rally that has lifted the total market capitalization of BSE-listed companies past 476 trillion rupees ($5.7 trillion). Market breadth remained constructive across large-cap counters as institutional buyers rotated capital from high-flying financial stocks into defensive healthcare, energy, and export-oriented technology names.
Pharma, Energy, and IT Giants Drive Dalal Street Milestone
Sectoral performance on Friday was spearheaded by the Nifty Pharma, Nifty Oil & Gas, and Nifty Metal indices, which advanced between 1.1 percent and 2.5 percent. Heavyweights including Sun Pharmaceutical Industries, Cipla, Reliance Industries, Bharat Petroleum Corporation Limited (BPCL), and HCL Technologies provided the strongest upward thrust to the benchmark indices, offsetting modest profit-taking in private-sector lenders such as HDFC Bank and ICICI Bank.
Metal and mining shares also attracted brisk buying after Beijing unveiled a comprehensive monetary and fiscal stimulus package aimed at revitalizing industrial demand and stabilizing China's property sector. Shares of Tata Steel, Hindalco Industries, and JSW Steel extended their weekly gains as global base metal prices firmed on the London Metal Exchange.
“Indian equities have demonstrated remarkable upward resilience for three consecutive weeks, supported by global monetary easing, robust domestic mutual fund SIP inflows, and strong corporate earnings visibility.”
Foreign Inflows and Domestic SIP Momentum Anchor Bull Run
Market strategists attributed the durability of India's bull run to a powerful confluence of external and domestic liquidity drivers. Following the U.S. Federal Reserve's 50-basis-point interest rate cut earlier in September, Foreign Portfolio Investors (FPIs) have poured more than 57,000 crore rupees ($6.8 billion) into Indian equities over the month, marking the strongest monthly foreign buying spree of the calendar year.
At the same time, domestic institutional investors (DIIs) have continued to deploy steady capital backed by monthly Systematic Investment Plan (SIP) contributions exceeding 23,500 crore rupees. Looking ahead to October, analysts expect market participants to closely monitor second-quarter corporate earnings releases, festival-season consumer demand indicators, and the Reserve Bank of India's upcoming Monetary Policy Committee review.
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