Mumbai, Oct 9 (IANS) Benchmark equity indices snapped a two-session losing streak on Friday, supported by broad-based buying across sectors, gains in information technology stocks and a decline in global oil prices.
The Sensex climbed 879.09 points, or 1.23 per cent, to close at 72,472.33, while the Nifty rose 288.65 points, or 1.3 per cent, to settle at 22,520.45.
“Immediate support is placed at 22,450, followed by 22,300, while resistance is seen around 22,600. A sustained breakout above 22,600 could extend the recovery toward 22,800,” analysts noted.
The rally was driven by strong buying interest in frontline stocks, with Apollo Hospitals Enterprise, ITC and Eicher Motors emerging as the top gainers on the Nifty index. Market sentiment also improved as softer oil prices eased concerns over inflation and corporate profitability.
Broader markets joined the upswing, reflecting widespread investor participation. The Nifty MidCap index advanced 1.56 per cent, while the Nifty SmallCap index gained 0.54 per cent during the session.
Among sectoral indices, the Nifty IT index outperformed its peers, benefiting from renewed buying in technology stocks. In contrast, the Nifty Oil and Gas index lagged the market and ended as the worst-performing sectoral gauge despite the broader market rally.
Experts said that the sharp rebound helped benchmark indices recover a significant portion of their recent losses, with investors returning to risk assets amid improving market sentiment and strength across multiple sectors.
“Investors now await domestic CPI data on Monday for further cues on the interest-rate trajectory after the RBI’s shift to calibrated tightening. Going forward, actual performance of Q2 which is estimated to be good on a YoY basis will be critical in determining the sustainability of the market rebound,” market watchers stated.
“Domestic equities staged a relief rally, supported by value buying and short covering after the recent sharp correction. IT stocks outperformed on the back of a strong start to the Q2 earnings season and rising confidence in AI-driven revenue opportunities,” they added.
Meanwhile, Rupee traded positively, gaining around 20 paise to 96.73, supported by improving capital market flows and optimism over potential US-Iran discussions following US President Donald Trump’s comments on a possible diplomatic approach.
–IANS
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