Nifty 50 closed at 22,735 on Wednesday, up 350 points from 22,385 the previous day – the largest weekly gain since early September, according to the NSE. The rally followed a strong 22,700‑level week‑expiry session that saw the index leap to a record high.
Nifty Bank edged 1.2% higher, settling at 51,312, while Nifty Midcap climbed 1.1% to 9,426. Nifty Smallcap, however, held steady at 3,214, showing little movement amid the broader rally.
Brent crude traded near $104.70, staying above the $100 mark, while U.S. equities slipped – the S&P 500 down 0.5% and the Dow Jones down 0.3% – as chip stocks pulled the market lower, Bloomberg reports.
The Q2 earnings window has opened with Hero Motors, ICICI Pru, Trans & Rectifiers, and Tata Elxsi slated to report. Upcoming releases include Bajaj Consumer on 27 Oct, BHEL on 29 Oct, Tata Tech on 31 Oct, and Leela Hotels on 2 Nov, setting the stage for a potentially volatile week.
Analysts are eyeing a Nifty range of 22,800 to 23,000 ahead of the earnings cycle, with upside possible if the first batch of results beats consensus estimates.