Nifty reclaims 23,000 to end October on a positive note; IT and Pharma lead, midcaps bleed
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Nifty 50 gained 0.51 per cent to close at 23,053 on Friday, reclaiming the 23,000 mark.
- ✓While IT and pharma stocks led the gains, many midcap shares fell.
- ✓Sarvam Goel said, “The index closed higher, but nearly two and a half times as many stocks fell as rose.”
Story at a Glance
- Category
- MARKET
- Reported By
- Business Line
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Markets closed October on a firmer footing on Friday, with benchmark indices posting gains for the third consecutive session even as crude oil’s surge to multi-month highs, a global technology selloff, and deteriorating market breadth reminded investors that the recovery remains uneven.
The Nifty 50 gained 0.51 per cent to close at 23,053, reclaiming the 23,000 mark for the first time in eight sessions, while the Sensex rose 0.42 per cent to 74,459.53. On a weekly basis, the Nifty ended 2 per cent higher and the Sensex gained over 1,300 points.
The headline number, however, masked significant weakness beneath the surface. “The index closed higher, but nearly two and a half times as many stocks fell as rose. After Thursday’s broad rally, today’s gain was a headline, not a market,” said Sarvam Goel, Founder of Pocketful.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Business Line
Read the full, original unfiltered story directly on the publisher's portal.