Sensex snaps five-day losing streak, Nifty closes above 24,300

Mumbai, Oct 28 (SocialNews.XYZ) Indian stock markets experienced a significant rebound in Monday’s market, with the Sensex surging by 602 points, closing at 80,005, and the Nifty climbing 158 points to settle at 24,339. The benchmark indices recorded the best session in one month.

Rally was driven by baking stock. Nifty Bank closed at 51,259, up 471 points or 0.93 per cent.

In the Sensex pack, ICICI Bank, Wipro, Tata Steel, JSW Steel, M&M, Sun Pharma, HUL, SBI, Tata Motors, Bajaj Finserv, Asian Paints, IndusInd Bank, NTPC and HCL Tech were the top gainers. Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Bharti Airtel were the top losers.

Almost all indices on the National Stock Exchange (NSE) closed with gains. PSU Bank, pharma, FMCG, realty, auto, IT and media were major gainers.

Along with largecap, buying was also seen in midcap and smallcap. The Nifty Midcap 100 index was at 55,736, up 458 points or 0.83 per cent and the Nifty Smallcap 100 index was at 18,062, up 214 points or 1.20 per cent.

Vaibhav Vidwani, Research Analyst, Bonanza said, "This rally followed a five-day losing streak, largely driven by strong quarterly earnings from ICICI Bank and Bank of Baroda, which boosted investor sentiment. The current rally is encouraging, but ongoing foreign institutional selling and weaker corporate earnings could continue to pressure the market in the near term."

Rupak De, Senior Technical Analyst, LKP Securities said, "The Nifty remained volatile during the day before closing with a meaningful gain after several days. On the downside, it sustained above the previous day's low, indicating strength in buying."

"This strength may persist as long as it stays above 24,000. Only a decisive drop below 24,000 might trigger panic in the market. On the higher end, resistance is seen at 24,500, and a decisive move above this level could spark a rally in the Nifty," De added.

Source: IANS