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.”
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.
Within the Nifty 500 universe, only 108 stocks advanced, and both the Nifty Midcap 100 and Nifty Smallcap 100 ended in the red, falling 0.93 per cent and 1.85 per cent respectively. India VIX climbed around 3 per cent to 15.6.
IT, healthcare and pharma were the session’s standout sectors, drawing buying interest even as capital goods, industrials, telecom, auto, PSU banks, media and consumer durables lagged.
Trent was the top Nifty gainer, rising nearly 7 per cent after strong second-quarter results and Zudio crossing the 1,000-store milestone.
IndiGo also ended firmly in the green. On the losing side, Adani Ports and Shriram Finance were among the key laggards. Laurus Labs was a notable broader-market performer, rising over 7 per cent after its quarterly profit more than doubled.
Crude oil remained the dominant macro concern of the session. Brent December futures surged to $117.8 a barrel, their highest level since April, while WTI advanced towards $104 a barrel — putting both benchmarks on course for gains of more than 12 per cent for October.
“The reason is crude,” Goel noted, pointing to a tanker hit by explosives in the Strait of Hormuz, Iran’s rejection of Qatar’s ceasefire proposals, and reports of a senior US military commander briefing President Trump on options against Iran ahead of the November 3 midterm elections.
For India, elevated crude feeds directly into inflation and keeps the RBI’s next policy move in play.
Precious metals offered little refuge. Spot gold slipped below $3,970 an ounce for the first time since mid-July, while silver tumbled more than 3 per cent to around $50.4 an ounce, its lowest since November 2025.
Gold and silver are now headed for monthly declines of more than 4 per cent and 16 per cent respectively, as stronger US GDP growth of 3.4 per cent and PCE inflation at 3.6 per cent year-on-year kept rate-hike expectations alive.
Domestically, MCX Gold fell around ₹1,100 to ₹1,41,500. “Technically, ₹1,38,500 remains an important support, while ₹1,43,500 is the immediate resistance,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
The rupee, however, bucked the commodity pressure, strengthening around 0.27 per cent to 94.95 against the dollar as the Dollar Index weakened towards 101.65, with spot USD/INR resistance pegged at 95.40 and support at 94.75.
On the foreign flows front, FIIs turned net sellers on Friday after a brief buying spell, while DIIs continued to provide domestic support.
“We believe the Dollar Index is showing clear signs of topping out,” said Gaurav Bhandari, CEO of Monarch Networth Capital. “As dollar weakness accelerates, we expect fresh capital flows into Indian markets. Investors should use any interim dips as an opportunity to build positions in quality names across financials, infrastructure, and domestic consumption themes.”
The week ahead brings a heavy earnings calendar and the US midterm elections on November 3, both of which are likely to keep volatility elevated. Reliance Industries, NTPC, Power Grid, Muthoot Finance, CDSL and NSDL are among those reporting over the weekend, with ITC, Marico, Petronet LNG and others due Monday.
“Indian equities are expected to remain range-bound with bouts of volatility next week,” said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, citing geopolitical uncertainty and elevated crude as the primary headwinds.
For the Nifty, 22,800 is seen as the key support to watch, while a decisive close above 23,200 would be needed to signal that the recovery has genuinely shifted gear.