Indian markets rose for the second day, with Sensex up 329 points, boosted by banking and pharma rallies, positive global cues, and foreign fund inflows.

Rise of 329 points in the Sensex: Following robust gains in pharmaceutical and banking equities and foreign fund inflows, the benchmark Sensex rose by nearly 329 points on Friday for the second consecutive day.

The BSE Sensex, which comprises 30 shares, closed at 82,500.82, an increase of 328.72 points or 0.40 percent. Twenty-two of its constituents finished in the green, while eight posted losses. In day trade, the index reached an intraday high of 82,654.11 after a 482.01-point increase or 0.58 percent.

NSE Nifty, which comprises 50 shares, rose by 103.55 points or 0.41 percent to conclude at 25,285.35. During the intraday session, it reached a high of 25,330.75, an increase of 148.95 points or 0.59 percent).

Additionally, investor sentiment was buoyed by the initial stage of a ceasefire agreement between Israel and Hamas, as well as indications of progress in a prospective India-US partnership.

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With a 2.16 percent increase, State Bank of India was the most significant gainer among the Sensex firms. In an unconventional step, the government has granted private sector candidates the opportunity to apply for top management positions in public sector banks, such as SBI.

One Managing Director position has been made available to private sector candidates and individuals employed by public sector financial institutions, out of the four positions at SBI.

Among the gainers were Maruti Suzuki India, Axis Bank, NTPC, BEL, Adani Ports, Eternal, Sun Pharmaceuticals, Power Grid, ITC, UltraTech Cement, Trent, HCL Technologies, Mahindra & Mahindra, and HDFC Bank.

However, Tata Steel, Tech Mahindra, Titan, Bajaj Finserv, Tata Motors, Bharti Airtel, and Bajaj Finance are among the laggards.

There was a 1.10 percent decline in Tata Consultancy Services following the release of its September quarter results. Additionally, TCS disclosed the inception of a Design Studio and Artificial Intelligence (AI) Experience Zone in London.

“Strong gains in pharmaceutical and banking stocks drove Indian equities to a higher close.” According to Vinod Nair, Head of Research at Geojit Investments, investor sentiment improved following the government’s invitation to private sector professionals to lead the State Bank of India.

The Biosecure Act was revived by the United States, which aimed to sever biotech ties with flagged foreign firms, particularly those from China. This action provided a significant boost to Indian CDMOs, resulting in a spike in pharma equities, Nair added.

Metal and IT shares closed lower, while pharma, finance, and real estate shares led the advancement.

The sectoral indices experienced a rise of 1.72 percent in real estate, 1.13 percent in telecommunication, 0.99 percent in healthcare, 0.98 percent in utilities, 0.97 percent in Bankex, 0.71 percent in Consumer Durables, 0.70 percent in Power, and 0.66 percent in Services.

Conversely, Focused IT, Oil & Gas, Commodities, and Metal were the laggards.

A total of 2,474 securities rose on the BSE, while 1,706 declined and 163 remained unchanged.

“The Nifty50 closed at 25,285, with a 104-point increase, amid a rise in global sentiment. This sentiment was bolstered by the easing of geopolitical tensions, which were facilitated by the agreement between Israel and Hamas on the initial stage of a ceasefire plan. Additionally, there were indications of progress in a potential India-US trade deal,” stated Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd.

Sentiment was also bolstered by the recent three sessions of renewed foreign portfolio investor (FPI) purchasing, which has accumulated to Rs 2,830cr. Furthermore, India and the United Kingdom announced numerous partnerships in sectors such as education, critical minerals, climate change, and defense, Khemka stated.

“The increase was bolstered by a combination of domestic and global factors.” Investor sentiment was bolstered by the ongoing strength of banking majors and the expansion of TCS’s AI infrastructure, according to Ajit Mishra, SVP, Research at Religare Broking Ltd.

At the same time, equity mutual fund inflows in September totaled Rs 30,421 crore, prolonging the moderation trend for the second consecutive month. Investors became more cautious in response to global uncertainties and market volatility.

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The Hang Seng index in Hong Kong, the Nikkei 225 index in Tokyo, and the SSE Composite index in Shanghai all ended lower in Asian markets. Conversely, the Kospi index in Seoul closed in the green. Mixed sentiment prevailed in European equity markets.

The US markets closed lower on Thursday, retracting from their record highs.

Foreign Institutional Investors (FIIs) acquired shares valued at Rs 1,308.16 crore on Thursday, as indicated by exchange data.

The price of Brent crude, the global oil benchmark, decreased by 0.63 percent to USD 64.81 per barrel.

On Thursday, the 30-share BSE Sensex, which closed at 82,172.10, increased by 398.44 points. The NSE Nifty, which is comprised of 50 shares, closed at 25,181.80, an increase of 135.65 points.