Bulls Return To Dalal Street Ahead Of Navaratri, Sensex Jumps 879 Points And Nifty Crosses 22,500
· Free Press Journal
Mumbai: Indian stock markets rebounded strongly on October 9, with the Sensex and Nifty gaining more than 1 per cent as buying spread across sectors. Information technology stocks led the recovery, supported by improved sentiment following TCS’ results.
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The BSE Sensex climbed 879.09 points, or 1.23 per cent, to close at 72,472.33. The Nifty 50 advanced 288.65 points, or 1.30 per cent, to settle at 22,520.45.
IT Stocks Lead Broad Market Rally
Every NSE sectoral index finished higher, with Nifty IT surging more than 3 per cent.
FMCG gained 2.22 per cent, while auto rose 1.36 per cent. PSU banks advanced 1.41 per cent, private banks added 1.35 per cent and media climbed 1.23 per cent.
India’s IPO Boom Hits Record $12.5 Billion, Bigger Issues Defy Market SlumpVikram Kasat, Chief Business Officer at PL Capital, said optimism around TCS’s results drove technology stocks, while gains in consumption-linked sectors showed wider buying interest.
Crude And Rupee Offer Some Relief
Kasat said softer crude oil prices and a firmer rupee supported equities. However, continued foreign institutional investor selling and global uncertainty remained risks.
He identified institutional buying, earnings delivery and stable oil prices as factors that would determine whether the rebound becomes a sustained uptrend.
Brent crude traded at $103.25 a barrel at the time of reporting.
Gold rose more than 1 per cent to ₹1,51,175 per 10 grams for 24-karat purity. Silver increased 1.52 per cent to ₹2,24,664 per kilogram.
Sensex Rebounds 800 Points, Nifty Reclaims 22,450 as IT Stocks ShineCurrency Pressures Persist Despite Rate Hike
Brickwork Ratings’ research head Rajeev Sharan said the rupee remained near 96.7 per dollar, close to its record low of 97.12.
He noted that the RBI’s October 7 repo rate increase to 5.5 per cent had not strengthened the currency. Foreign outflows, expensive oil and elevated US bond yields continued to exert pressure.
Asian Markets Show Mixed Performance
Japan’s Nikkei slipped 0.02 per cent to 69,025, while Singapore’s Straits Times fell 0.20 per cent to 5,401. Hong Kong’s Hang Seng gained 1.45 per cent to 24,135.