Nifty back above 23,000 as IT, pharma lead October-end rally
IT and pharma led the charge as the Nifty closed above 23,000 for the first time in eight sessions; October ended up 1.9–2.7%.
The Nifty 50's 116.35-point (0.51%) gain to 23,053.10 was its first close above 23,000 in eight sessions, powered by a 2.32% surge in Nifty IT and a record high for Nifty Pharma. The Sensex added 308.49 points (0.42%) to 74,459.53, extending the rebound into a second straight session.
The rally was far from broad-based: midcaps and smallcaps bled even as the heavyweights advanced, and crude hovering near multi-month highs kept the mood cautious. Foreign institutional investors were provisionally net buyers of ₹3,599 crore, lending the upmove some institutional weight.
For the week, both benchmarks rose about 2%, and October ended with the Nifty up 1.9% and the Sensex up 2.7% — snapping a two-month losing streak and giving Dalal Street a steadier footing into November.
