Markets opened on a subdued note on Friday morning, with the Sensex rising 182.98 points or 0.22 per cent to 84,587.44 at 9.45 am, against the previous close of 84,404.46. The Nifty 50 gained 42.95 points or 0.17 per cent to trade at 25,920.80, compared to Thursday’s close of 25,877.85. The indices opened at 84,379.79 and 25,863.80 respectively, reflecting investor caution as markets entered the final trading day of October.
“Global markets are trading mixed this Friday morning, reflecting investor caution after U.S. indices closed lower overnight amid renewed concerns over global growth and policy uncertainty,” said Ponmudi R, CEO of Enrich Money. Foreign portfolio investors offloaded domestic equities worth ₹3,077 crore on Thursday, adding pressure on the rupee and weighing on overall market sentiment ahead of the weekend trade. Domestic institutional investors partially cushioned the selloff, purchasing equities worth ₹2,469 crore on the same day.
The top gainers on the Nifty 50 included Eicher Motors, which surged 2.10 per cent to ₹7,033.50, followed by Maruti Suzuki at 1.40 per cent to ₹16,433, ITC at 1.33 per cent to ₹424.30, Bajaj Finance at 1.15 per cent to ₹1,064.45, and Tata Motors Passenger Vehicles at 1.03 per cent to ₹416.70. On the losing side, NTPC declined 1.72 per cent to ₹339.20, Cipla fell 1.68 per cent to ₹1,514.30, Max Healthcare dropped 1.61 per cent to ₹1,159.50, IndiGo lost 0.86 per cent to ₹5,676, and Kotak Mahindra Bank slipped 0.73 per cent to ₹2,121.60.
“The much-anticipated Xi–Trump meeting and the US Fed’s 25 bps rate cut failed to lift sentiment, reflecting a classic ‘buy on rumour, sell on fact’ trend,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. Market participants expressed disappointment after the Trump-Xi summit delivered only a one-year truce in the US-China trade war rather than a breakthrough trade deal.
The Nifty 50 continues to face resistance near the 26,050–26,100 zone, having closed below 25,900 on Thursday after forming a narrow-range session. “Sustaining above 25,800 keeps the near-term bias positive, while a decisive move above 26,100 could reignite momentum toward 26,250–26,400,” Ponmudi R added. The Bank Nifty ended near 58,000, right at its crucial support zone, with immediate support at 58,000–57,500 and resistance between 58,300–58,500.
“The rally in the Indian market has been running out of steam when it approaches the record high of 26,277 set in September 2024,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments. He noted that renewed selling by FIIs is likely to drag on the market in the near-term as they view Indian valuations as relatively higher, particularly in light of earnings growth.
Amruta Shinde, Technical & Derivative analyst at Choice Broking, advised traders to maintain a cautious approach. “Given the heightened volatility and mixed global cues, traders are advised to maintain a cautious ‘buy-on-dips’ approach, particularly when using leverage,” she said. Fresh long positions should be considered only if the Nifty sustains above the 26,100 mark.
In commodities, crude oil futures traded lower on Friday morning. January Brent oil futures were at $63.94, down 0.67 per cent, and December WTI crude oil futures were at $60.14, down 0.71 per cent. November crude oil futures were trading at ₹5,347 on MCX against the previous close of ₹5,391, down 0.82 per cent.
“WTI crude oil prices fell toward $60 per barrel on Friday, extending their monthly decline as expectations of rising global supply dampened sentiment ahead of the OPEC+ meeting,” said Rahul Kalantri, VP Commodities, Mehta Equities. He added that a stronger dollar and fading optimism over U.S.–China energy trade talks further weighed on prices.