Markets bounce back: Where the Sensex and Nifty stand after three sessions

On October 7, the Sensex fell 429 points.

On October 8, it fell 1,045 points to 71,593.24.

On October 9, it rose 879 points to 72,472.33.

The Nifty closed at 22,520.45.

The RBI’s rate hike, oil prices and foreign selling remain in focus.

The Nifty IT index was the biggest gainer, up 3.02%, followed by the Nifty FMCG index, up 2.20%, according to Upstox.

One analyst credited Tata Consultancy Services’ better-than-expected September quarter results for lifting the IT sector.

Apollo Hospitals, ITC and Eicher Motors were the top Nifty gainers, according to Business Standard.

Among Sensex stocks, ITC, TCS, Adani Ports, Infosys and HCL Tech were the major gainers, and ITC rose 4.78%.

Reliance Industries was the only major Sensex laggard, with its shares falling 0.55%.

Global crude prices were trading below $103 a barrel on Friday, after reaching $105.02 a barrel on the previous evening.

Lower oil eased concerns over inflation and corporate profits.

Reduced fears of an immediate escalation between the US and Iran also helped restore risk appetite, according to one report.

Another report attributed the rebound to value buying and short covering after the sharp correction.

At 1 pm the Sensex was up 828 points, and at 3 pm it was up about 1,043 points before easing at the close.

In the closing auction session, the Nifty was at 22,535.65, which is why the headline figure differs from the settled 22,520.45.

The RBI had raised the repo rate by 25 basis points to 5.50% on October 7, its first hike since February 2023.

On October 8, the Sensex had fallen 1,045 points to 71,593.24 and the Nifty 371 points to 22,231.80.

The Sensex is the 30-share index of the BSE, and the Nifty 50 is the benchmark index of the NSE.

This report is not investment advice, and market direction can change quickly.

National Stock Exchange of India, Mumbai (file image), Wikimedia Commons, CC BY-SA 4.0