Mumbai, Oct 11
Indian equities ended the week on a positive note amid buying in banking, IT, and pharma stocks (in the last two sessions).
Investors' sentiment remained firm toward banking stocks during the period, buoyed by the RBI monetary committee decision to keep the repo rate unchanged at 5.5 per cent, and it improved further after the government invited private sector professionals to lead the State Bank of India.
Meanwhile, pharma stocks picked up momentum at the end of the week after the US administration said that they do not plan to impose tariffs on generic drugs and signalled cutting biotech ties with flagged foreign firms, especially from China.
"Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction," said Vinod Nair, Head of Research, Geojit Investments Limited.