Market Bounces Back: Nifty 50 Ends in Green

On Friday, the stock market closed positively, with Nifty 50 rising by 0.42%. Despite an initial downturn due to foreign investor selling, selective buying led to a recovery. Financial, auto, and metals stocks boosted the market. Experts remain optimistic about future market performance.

The stock market rebounded on Friday, overcoming earlier losses to close in positive territory. Nifty 50 climbed to 24,854.05, marking an increase of 104 points, or 0.42%, while the Sensex settled at 81,224.75, up by 218.14 points, or 0.27%.

Throughout the trading day, the National Stock Exchange (NSE) saw various sectors rally, except those in the FMCG, IT, and oil and gas sectors. IT stocks emerged as the day's biggest laggards. Performance varied sector-wise, with Nifty Private Bank index showing strength and both Nifty Metal and Nifty Bank indices rising.

Vinod Nair, Head of Research at Geojit Financial Services, noted that post-morning sell-off, strategic purchasing in financials, auto, and metals fueled recovery. Positive early financials from private banks buoyed expectations for upbeat weekend reports. China's Q3 GDP results also buoyed metals, aided by ECB's rate cuts. Nonetheless, foreign investors remained net sellers in October, as DIIs absorbed the selling pressure, remarked Shriram Subramanian, MD of InGovern Research Services. The Hyundai IPO's lukewarm reception marked the week's notable event.

Leadership emerged from Axis Bank, Wipro, Eicher Motors, ICICI Bank, and Shriram Finance, whereas Infosys, Asian Paints, Britannia, Nestle India, and Tech Mahindra faced declines. Foreign investor sales drove the market's initial fall, but analysts predict improvement and a sharp recovery in the weeks ahead. Within the Nifty 50, 17 stocks fell while 33 stocks gained. (ANI)

(With inputs from agencies.)