Mumbai, Oct 25
The holiday-truncated week saw festive-driven optimism and upbeat consumer sentiment as it welcomed the Samvat 2082. However, the momentum gradually lost its steam, as geopolitical tensions and profit-taking weighed on investors' confidence.
Record festive sales underscored India’s surge in consumer demand this season, powered by resilient household spending and GST-driven affordability.
PSU banking stocks led the rally, buoyed by news of potential consolidation and better-than-expected results.
According to Vinod Nair, Head of Research, Geojit Investments Ltd, the precious metals market faced extreme volatility, suffering its sharpest single day fall in over a decade, driven by profit booking and a strengthening US dollar.
Crude oil prices surged sharply following fresh sanctions from the US and EU on Russian oil majors, sparking heightened fears of tightening global supply and renewed inflation concerns.