Indian equities staged a powerful rebound on Friday as the Sensex surged 879 points and the Nifty climbed nearly 290, snapping an eight-week losing streak for both benchmarks.
Friday's close
The Sensex rose 879.09 points, or 1.23 percent, to close at 72,472.33, while the Nifty50 gained 288.65 points, or 1.3 percent, to settle at 22,520.45. In the closing auction, the benchmarks printed 72,544.66 and 22,535.65 respectively.
The rally ended an eight-week slide — the longest such streak for the Indian benchmarks in over two decades — after a week of sharp swings.
What drove the rally
Broad-based buying after Thursday's sell-off powered the rebound, with Nifty IT emerging as the top sectoral gainer on a strong start to the second-quarter earnings season. Easing crude-oil prices also aided sentiment.
Provisional exchange data cited by CNBC-TV18 showed foreign institutional investors sold a net Rs 30,294 crore in the week ended October 9, while domestic institutional investors bought a net Rs 30,313 crore, effectively offsetting the foreign outflow.
The broader markets joined in: Nifty MidCap rose 1.56 percent and Nifty SmallCap gained 0.54 percent. Apollo Hospitals Enterprise, ITC and Eicher Motors were among the top Nifty gainers, while Nifty Oil and Gas was the worst-hit sector.
Caution ahead
Analysts flagged that persistent foreign outflows and elevated global bond yields keep sentiment fragile. Investors now await domestic CPI data on Monday for further cues, following the Reserve Bank of India's shift to 'calibrated tightening' at its October 7 policy review, where the repo rate was raised 25 basis points to 5.5 percent.
Sources:
- Stock Market Close: Broad-based buying helps Sensex rebound 879 pts (Business Standard)
- Markets bounce back (CNBC-TV18)
Friday's close
The Sensex rose 879.09 points, or 1.23 percent, to close at 72,472.33, while the Nifty50 gained 288.65 points, or 1.3 percent, to settle at 22,520.45. In the closing auction, the benchmarks printed 72,544.66 and 22,535.65 respectively.
The rally ended an eight-week slide — the longest such streak for the Indian benchmarks in over two decades — after a week of sharp swings.
What drove the rally
Broad-based buying after Thursday's sell-off powered the rebound, with Nifty IT emerging as the top sectoral gainer on a strong start to the second-quarter earnings season. Easing crude-oil prices also aided sentiment.
Provisional exchange data cited by CNBC-TV18 showed foreign institutional investors sold a net Rs 30,294 crore in the week ended October 9, while domestic institutional investors bought a net Rs 30,313 crore, effectively offsetting the foreign outflow.
The broader markets joined in: Nifty MidCap rose 1.56 percent and Nifty SmallCap gained 0.54 percent. Apollo Hospitals Enterprise, ITC and Eicher Motors were among the top Nifty gainers, while Nifty Oil and Gas was the worst-hit sector.
Caution ahead
Analysts flagged that persistent foreign outflows and elevated global bond yields keep sentiment fragile. Investors now await domestic CPI data on Monday for further cues, following the Reserve Bank of India's shift to 'calibrated tightening' at its October 7 policy review, where the repo rate was raised 25 basis points to 5.5 percent.
Sources:
- Stock Market Close: Broad-based buying helps Sensex rebound 879 pts (Business Standard)
- Markets bounce back (CNBC-TV18)
