Taking Stock: Nifty above 23,100, Sensex rises 414 pts, led by IT, auto, metal stocks- Moneycontrol.com

The Indian rupee pared some of its intraday gains but ended higher for the sixth consecutive day at 94.95 per dollar, compared with the previous close of 95.05.

More than 100 stocks touched 52-week low, including HDB Financial, Blue Dart, Avenue Supermarts, Vishal Mega Mart, Fortis Health, ICICI Prudential, Medplus Health, Eris Life, Reliance Power, Bikaji Foods, Max Financial, Swiggy, Jupiter Wagons, Ramco Cements, among others. Click to View More

Outlook for October 19

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

On Friday, Nifty extended its upward momentum for the second consecutive session, closing 0.65% higher. On the daily chart, the index formed a candle with a lower wick, indicating initial profit booking followed by sustained buying interest throughout the session. Nifty also ended the second consecutive week on a positive note following eight consecutive weeks of decline, suggesting renewed buying interest at lower levels.

The 22980–23000 zone, near the 25-day EMA, will act as immediate support. A decisive breakdown below this range could trigger short-term profit booking towards 22850. On the upside, the 23300–23320 zone, near the 50-day EMA, is likely to act as a hurdle. Sustained momentum above this range could accelerate the ongoing recovery towards higher levels.

Ajit Mishra, SVP – research, Religare Broking

Markets extended their recovery for a second consecutive session on Friday, with benchmark indices trading higher following Thursday’s sharp rally. After opening flat, the indices gained ground as buying interest in select heavyweights, particularly technology stocks, supported sentiment. The market subsequently moved into a range-bound phase but held on to most of its gains. Both the Nifty and the Sensex eventually settled closer to their respective day’s highs, reflecting continued resilience in frontline stocks.

The recent buoyancy in IT stocks, following quarterly results, has been the primary driver of the market rebound, while other sectors have played a supportive role so far. The rupee strengthened against the US dollar, offering some relief to domestic sentiment. However, Brent crude remained elevated near $105 per barrel, while concerns over persistent inflation and US bond yields continued to warrant caution.

Looking ahead, markets will react to the quarterly earnings of major banking players, including HDFC Bank, Axis Bank and ICICI Bank, in early trade on Monday, alongside developments on the global front over the weekend. From a technical perspective, the Nifty is approaching the 23,300 mark, and a decisive breakout above this level could extend the recovery towards 23,500–23,700. On the downside, the 22,700–22,900 zone is now expected to provide support. Given the mixed cues and the busy earnings calendar, we maintain a positive yet cautious stance, with an emphasis on selective stock picking and disciplined trade management.

Sahajanand Medical Technologies IPO booked 47% so far on Day 2; retail investors lead demand- Moneycontrol.com

The initial public offering (IPO) of Mumbai-headquartered cardiovascular device maker Sahajanand Medical Technologies sa…